University students urged to do insurance homework

Students heading to university are being urged to make sure they have appropriate insurance, after research by M&S Money revealed the contents of an average student bedroom are worth £1,650.

The poll of 2,000 students by M&S Money found that the average student bedroom contains £718 worth of electrical gadgets and appliances, £498 worth of clothing, £224 worth of sports equipment and £210 worth of textbooks.

The huge value of a student’s bedroom is not surprising, with 53% of students owning an MP3 player, 52% possessing a laptop and 42% enjoying movies on their own DVD player.

The expense continues outside the bedroom, with a quarter of students owning a bike. The survey also revealed that 14% of students have been burgled while at university and 22% of student cyclists have had their bikes stolen.

Despite this, only 16% of students have taken out their own insurance policy to cover their possessions whilst living in student accommodation. However, many people heading to university will not need to buy a stand-alone student policy and should check if their parents’ home insurance policy provides sufficient cover.

Steve Price, M&S head of general insurance, said: “Insurance may be the last thing on students’ minds as they prepare for the new academic year. It often feels like an unnecessary expense on top of everything else.

“Many students would be surprised to know that their valuables may already be covered - they just need to check whether their parents’ home insurance policy covers their property when away from home.”