If you’re studying at school, it’s more likely than not that you’ll own some valuable items: a laptop, camera, printer, bicycle, and phone. It’s a good idea to protect all of your gadgets from theft, accidents, and fire to prevent any headaches that come with those unfortunate scenarios. You’ll pay a monthly or yearly fee that will protect your items should anything happen to them.

It’s affordable and a great way to ensure protection over your valuables in living spaces where you might not know your roommates so well. Flood and fire are also two very real scenarios that could occur – so make sure you’re protected.

Before you choose student contents insurance, you’ll want to estimate what the items are worth and what’s excluded from the policy.

If your items are stolen, they typically need to be locked in your room at the time of the crime. For example, if you leave it in a café or in the communal area and it’s stolen, it might not be covered on student contents insurance.

If you’re an athlete who owns a lot of gear, you’ll definitely want to consider student contents insurance. Living with your bicycle, hockey gear, snowboard, fishing equipment, or any other items, then you’ll want to protect them. Since these items can be worth hundreds of thousands of dollars, making sure you’ll get a replacement should they get stolen or damaged is a good idea.

Policy Excess

If your laptop is damaged or stolen, then policy excess is the amount you agree to pay should this happen. If your policy excess is $50 and your laptop is worth $800, then you’ll get a payout of $750.

Typically, the higher your policy excess, the lower your monthly payments will cost. Students generally go for a higher policy excess who have never had anything damaged or stolen. The chances of needing to make a claim are lower, thus they can avoid paying the hefty policy excess.

If you’re constantly damaging your phone or laptop, then it’s a good idea to pay a lower policy excess. You’ll end up saving money in the long run if this happens frequently.

Read the Fine Print

Some things worth more, such as a bicycle or laptop, and will cost extra to protect. You might have to add this on top of your content’s insurance.  

You’ll want to make sure that you can choose to pay annually or monthly and that there is little or no penalty should you need to cancel your plan.

The Cost of Students Contents Insurance

You’ll want to budget for around $100/year for student contents insurance. That way, you’ll make sure everything is covered.

It’s a good idea to invest in student contents insurance when you’re studying at school. Whether you’re a student with a top-quality laptop, an athlete with valuable sports equipment, or someone who religiously breaks their phone on a night out, then you’ll want to consider setting aside some money for student contents insurance. This will give you peace of mind when you’re studying at school so you can put your mind and energy towards other areas of your life.