Of course, you can’t stop things from going wrong, but one thing you can do is ensure that if the worst comes to the worst, you aren’t left with a huge hole in your bank account...
What is Home and Contents Insurance?
Home and Contents Insurance is a pretty basic concept. When you take out an insurance policy, you commit yourself to paying the insurance company a certain amount of money a month and in return, if your belongings are stolen, lost of broken, the insurance company will pay the costs (up to a certain amount).
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Do I really need it?
You are not obliged to have Home and Contents Insurance by law, but taking out a policy is advisable, particularly for those living in shared accommodation. If this is you, then it is definitely a worthwhile investment.
If you’re living in student halls of residence, you should check your tenancy agreement as you may be covered on the University’s insurance policy. Also check your parents insurance, as some policies will cover family members living in other houses.
How much will it cost?
This will very much depend on who you take your policy out with. The National Union of Students recommends using Endsleigh Home and Contents Insurance, as the plan is specifically geared towards students and starts at £11.95 a month.
What to do if I need to make a claim?
When you take out your Home and Contents Insurance, you will be given a number of documents which should be kept safe. You will need these in order to make a claim, as they will have your account details on them. If a crime has occurred (such as theft) or your house has been trashed, then make sure that you get a crime number from the police in order to process your claim quicker.
You should also make sure that you read the small print. Although the policy states that it covers all household objects, there will be a cap on the amount of money you will be given per claim.