University students urged to do insurance homework

As a new survey reveals that the contents of an average student bedroom are worth £1650, students heading to university are being urged to make sure they have appropriate insurance.

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
• £210 worth of text books

The huge value of a student's bedroom is not surprising, with over half of students 53% 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."

Students whose parents have M&S Premier home contents insurance enjoy unlimited cover for their possessions when away from home. This covers events such as damage, flood or theft from halls. Students are also covered if their bike is stolen when they are at university, as long at it is left secured when unattended.

Top ten valuables students keep in their bedroom at university:

• MP3 player 53%
• Laptop 52%
• DVD player 42%
• Regular TV 42%
• Digital camera 37%
• Stereo/music system 23%
• PC 23%
• Flat screen TV 18%
• Games station 13%
• Camcorder 9%

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2008-09-11 00:00:00 © Moneyextra.com