Students returning to university need to make sure they have the necessary home insurance policy in place should they fall victim to theft. Estimates from Sainsbury's Finance show that one in three students (34 per cent) does not have adequate protection in place, which could make them vulnerable during term-time.
Among the popular items kept in student digs are iPods, laptops, DVD players, which Sainsbury's home insurance believes could add up to as much as £3,500.
Commenting on the research, Ben Tyte, Sainsbury's home insurance manager, said it was "worrying that so many students go off to university without any insurance cover in place for their possessions". He stressed that students may want to check their parents' existing household contents insurance policy, as they may find they are covered even when they are not in the family home.
This may not be the only risk that students face, as M&S Money recently discovered that 22 per cent of those at university have had their bikes stolen. This may be another consideration for those heading off to study, as replacing a bike can often prove more costly than making sure it was fully-protected in the first place.
It seems to be as important as ever for students to manage their finances and ensure they are protected in the event of a problem arising. HSBC found that over 40 per cent of final year students now rely on additional income to fund their studies, suggesting they cannot afford to take the risk when it comes to not taking out home insurance.
Once students have made sure their home insurance is in place, they should take extra precautions to keep their belongings secure. Sainsbury's advises making sure that all windows and doors are locked properly and that items are marked with a name and address using a UV pen.
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