Students 'do not always need standalone home insurance'

By Marianne Straker, Thu 28 Aug 2008 - Published in Home Insurance

As students prepare for life at university, moneysupermarket.com claims parents do not necessarily need to buy standalone home insurance for their kids.

The group states average standalone contents insurance will set you back about Ł603 a year.

Peter Gerrard, head of insurance research at moneysupermarket.com, said: "With essentials to pay for such as tuition fees, accommodation and pricey consumer goods like laptops, contents insurance could be another costly addition."

However, he added, when living in halls of residence, students can avoid this cost by covering themselves for free under their parents' home insurance.

Parents who choose this option should be aware that any claim made will directly impact on their own claims history, Mr Gerrard points out.

He also states that standalone home insurance is far more tailored to a student's needs, with many policies covering library books and rented household items.

Elsewhere, Halifax claims that a credit card can be used to help students manage their finances.

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