Moving to college or University often means moving away from home for the first time. Among the many details you need to consider are what insurances you need to help keep your belongings and yourself, safe. Contents insurance is one that springs to mind, while for others health insurance could also be something of interest.
But they aren’t the only additional costs you might face as you move away to begin the next few years of hard work and studying. Let’s take a look at the different insurances and other services you might need to pay for that probably never crossed your mind while you were living at home.
Contents and gadgets insurance
Today’s students tend to have an array of expensive tech and electrical items that, although not always essential to studying, are still must-haves for modern student life. Bringing those items with you when you move away from home comes with responsibility, you have to look after them and keep them safe and secure.
One way to help give yourself peace-of-mind that your most useful, important and expensive items can be replaced, is to have contents insurance. A number of providers offer contents insurance designed specifically for students living in shared accommodation. Your monthly premiums will cover your items from:
- Theft.
- Fire.
- Accidental damage.
That means that if anything unexpected were to happen to your belongings then your insurance would pay to replace them.
However, if you only have a few tech gadgets that you consider to be important and useful enough to insure, then you could opt for a more singular gadgets insurance policy. Again, it would cover your goods from the same details as above and could also be useful for any repairs that are required.
Does mum and dad’s house insurance cover me?
Before you go taking out a contents insurance policy of your own, it’s sensible to ask your parents about their own home insurance. In some cases, your items might be covered under it – provided you come home for all the holidays and bring your belongings with you.
Don’t rely on that to be the case, though, do a proper check through the paperwork or ask your parents to contact their provider to find out more. Afterall, you don’t want to be in the situation of having your most important and expensive items stolen or damaged and then finding they’re not insured.
Private health insurance
Private health insurance is something that can seem expensive all the time you’re not using it, but once it’s needed its invaluable. As a university student, spending time on campus, there are plenty of responsible people around with your well-being in mind. However, if something serious happens to your health, you may need more immediate help and longer-lasting support than you’re happy with on the NHS.
In some cases, private health insurance can help give your parents more peace-of-mind, rather than be something that you really need. But, if you’re already covered through a parent’s work or family policy, then its worth a quick check to make sure you’re still covered when you turn 18 and move out.
Because we’re lucky enough to live in the UK where the NHS is free-at-the-point of service and you’re looked after by well qualified and caring medical staff, private healthcare insurance is rarely a necessity. But for some students, it may still be something to think about.
Other new student-related services costs
Insurance isn’t the only thing you need to think about when you move away from home. Other new costs that you could face include:
- TV license.
- A rental guarantor service.
- Household bills such as council tax.
In many cases you won’t need any of the above, although even if you like to watch the BBC online, then you probably should get a TV license.
Rental guarantors aren’t always required for university halls of residence as rent tends to be paid termly and in advance. But, if you’re renting privately, then it might come up. UK students tend to have a parent or close family member who can be a guarantor. But, for those who don’t and international students who have no family members based in the UK, then a rent guarantor service provider, can be very helpful.
Ditto with council tax and household bills. In many cases, including in the private sector, the landlord or letting agent will charge an all-inclusive rent that covers everything. But, where it doesn’t, you need to understand what bills you need to pay and budget for those costs, too.
Of course, starting University is an exciting new chapter in your life and there are a lot of fun things to think about too. But by getting the financial details organised and under control early on, you can enjoy all the other parts of University life, without any of those worries in the back of your mind.
