LONDON, ENGLAND, October 01, 2009
/24-7PressRelease/ -- Over 400,000 new UK-resident undergraduates are admitted to universities each year.
Parents with Sainsbury's Home Contents Insurance can extend their policies to cover up to GBP5,000 of student belongings at university.
New research from
Sainsbury's Home Insurance reveals that the typical undergraduate each has an average of GBP3,548 worth of belongings in their student accommodation. The high figure placed on the value of their belongings reflects the average student's typical possessions, which includes not just high-tech items such as laptops, computers, iPods, DVD players, digital cameras, TVs and Hi-Fis, mobile phones, but also other expensive items including jewellery, sports equipment, course textbooks and bicycles, as well as the more mundane everyday items such as books, CDs, toasters and kettles.
Given that a student house with just four students provides more than GBP14,000 worth of rich pickings for any opportunist burglar, it is worrying that Sainsbury's Home Insurance has found that just one in three (34%) undergraduate students claims not to have their belongings covered by a home insurance policy, and a further 10% do not know whether they have cover or not. This means there is a total of around GBP573 million worth of uninsured belongings lying in student accommodation in the UK.
With the number of accepted applicants to UK universities having increased by 21% since 2003, there are estimated to be over 475,000 households in England and Wales who have students currently studying away from home.
Sainsbury's Home Insurance urges parents with students away at university to check to see if their children's belongings would be covered in the event of loss or theft, or other events such as fire, smoke damage or flooding. Even though some halls of residence offer insurance cover as part of the accommodation fees, it is essential to check that the level of cover offered is sufficient. Sainsbury's Home Contents Insurance provides up to GBP5,000 cover for students of the household who are living away from home.
Ben Tyte, Sainsbury's Home Insurance Manager commented: "With an estimated one in three students falling victim to some sort of crime each year, it's worrying that so many students go off to university without any insurance cover in place for their possessions. However, before splashing out on insurance, students should certainly check to see if their parents' household contents insurance policy might provide cover whilst they're studying away from the family home, and also to check that this cover will be adequate should they need to make a claim."
As well as reviewing their home contents insurance needs, Sainsbury's Finance says students should also take steps to reduce their chances of becoming a victim of a burglary, and offers the following advice:
Make sure that windows and doors are properly locked when you go out
Ensure that all locks are adequate
If in shared accommodation, make sure that you have a lock for your room and use it when you go out
Mark your name and address on your belongings with an ultraviolet pen because if they are stolen and recovered by the Police, they should be able to return them to you
It's sensible to mark your property with the initials of your university (e.g. NU - Nottingham University) and your student ID number - this makes it harder for a burglar to sell stolen goods and can help the police to return items to you
Undergraduate students in universities in the South West region claim to have the most valuable belongings with an average of GBP5,122 per student. Students in South East universities have the lowest value, each having on average just GBP2,669 of belongings in total. Given the high cost of living for students in London, it is maybe not surprising that this group represents the highest percentage (48%) who claim not to have their belongings covered by a home insurance policy.
About Sainsbury's Home Insurance:
As well as being competitively priced, the bank also offers an extensive range of cover and benefits. This includes:
Unlimited buildings cover
Unlike some home insurers, Sainsbury's does not apply charges for customers paying their premiums by direct debit
Maximum no-claims discount of up to 30%
No-claims discount protection
Cover for accidental damage - even by pets
For further information, please contact:
Sarah Rowan / Phil Anderson
Citigate Dewe Rogerson
020 7282 1049/1031
Notes to Editors
Fieldwork for this research was conducted on behalf of Sainsbury's Finance by Opinionpanel Research between 23rd and 28th July 2009. The sample consisted of 1,000 interviews with students at 134 Higher Education (HE) institutions representative of the UK HE population in terms of gender, year group and university type.
Calculated by multiplying 475,000 students by GBP3,548 of belongings each by 34% which are uninsured
UCAS data
http://www.ucas.com/he_staff/stat_services1/stats_online/data_tables/ ... residence/
Office of National Statistics
http://www.statistics.gov.uk/STATBASE/Expodata/Spreadsheets/D7519.xls
Can be added to the parent's home contents policy at an additional premium. Certain exclusions apply. Theft is excluded unless there is evidence of force and violence to gain access to the property.
Home Office
http://www.homeoffice.gov.uk/crime-victims/how-you-can-prevent-crime/student-safety/
This is optional and requires an additional premium.
Sainsbury's provide a wide range of financial services including
loans,
life insurance,
pet insurance. Visit
www.sainsburysbank.co.uk now to find out more.
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