With the start of the new academic year, Barclays has urged all students to ensure that they move quickly to arrange sufficient insurance for their possessions.
The bank reports that young people aged 16 to 24 are around three times more likely to be victims of a burglary than people in other age groups, so living without insurance is a risky decision for students.
Insurance is one of the absolute essentials for all students yet so many neglect to take it out. We all know that there are so many other things that will be keeping students busy in their first days at university…As a result many simply do not even think about contents insurance, said Mark Till, marketing director for Barclays Insurance.
He pointed out that the value of students’ possessions nowadays can really add up, with items such as laptops, digital cameras, MP3 players and expensive mobile phones all acting as attractive targets for burglars.
Students have often had to work, save and borrow hard to afford their essential and luxury items but you never really realize just how much all of your possessions are worth until you actually have to replace them all, Mr Till added.
Barclays offers a student possessions insurance package that covers individual students living in halls of residence or shared student houses that offers an option to pay monthly at no extra cost, a 24-hour claims helpline, and a minimum 12-month guarantee on all repairs and replacement goods arranged by Barclays. The package also allows claims to be settled on a new for old basis, apart from items of clothing and household linen. Cover starts from GBP2 a month, with optional computer coverage.
This insurance offering forms part of a wider student service offered by Barclays. The bank will also, no doubt, be hoping to see encouraging take-up of its student bank account, Student Additions, with this year’s new university intake.