Insurance for Students
Going to university is an exciting time for your children but can be stressful on parents. Often, it is the first time they will have left home and will have to fend for themselves. While their minds will be on new friends, parties at the student union and their new found independence, the best you can do for them is to help them get set up and leave them to it.
Looking after their belongings
Most likely they will be living in student halls or privately rented accommodation and the last thing on their minds will be insurance. In this day and age students have a lot of expensive items from their mobile phones to ipods and laptops.
In rented accommodation the house insurance is usually covered by the landlord but this does not cover personal belongings so contents insurance is a must. Check your own cover as some policies offered by companies such as the Co-op do cover your child’s possessions up to a limit (for the Co-op this limit is £5,000) providing your home is classed as their permanent residence, and where the contents will return after they have finished their studies.
If they are not covered on your policy there are a wide variety of policies catered specifically towards students available online. Shop around for the best deals and make sure your child’s valuables are covered.
Student Mortgages
In the current financial climate it may not be the most viable option but if you’re lucky enough to be able to act as guarantor, some companies do offer student mortgages. University years can be expensive with parents having to help out with living costs, rent and tuition fees so it could work out cheaper in the long run to buy a place for your child to live in while studying. The mortgage can either be fully in the student’s name, with the parents as guarantors, or it can be made jointly in the name of both the parents and the student. Depending on the size of the property you could rent out additional rooms to help cover the mortgage.
Of course, students are students and though not all of them are party animals with no sense of house training, you will need to make sure your home and contents are covered. If you do get an additional lodger in you will have to state clearly in the lease what is covered by your insurance and what is not (for example, certain furnishings you provide may be covered but personal possessions such as laptops etc may not be).
Once you are satisfied that your child’s accommodation and possessions are covered all that remains is to let them get on with it and enjoy their new found freedom. And don’t be surprised if they bring home their laundry once in a while!
