Jewellery, Watches, Pendants and Rings are all items that many students would prefer to take to university with them - but obviously also want to make sure that that they are protected should it be lost, stolen or indeed just damaged. And you can focus your insurance on these valued items.
We explain the different ways that such items can be insured.
You can add 'all risks' or Possessions cover to your Student insurance policy.
Normally these cover Theft, Accidental Damage, but not Accidental Loss (ie loss through carelessness)
Will cover up to £1,000 of items as long as none are individually worth more than £250 under their Unspecified Items Upgrade and Individual items worth over £250 can be added under their Specified Items Upgrade. Items are insured anywhere in the UK but not outside.
Guide price for the additional cost of insuring a £950 Engagement Ring would be £33.29 per year with a £10 excess*
Get a quote from Cover4Insurance
Will cover up to £4,000 of items as long as none are individually worth more than £500 under personal belongings. Valuables covered up to £3000 with single item limit of £1500. Items are insured anywhere in the UK but not outside.
Guide price for the additional cost of insuring a £950 Engagement Ring would be £3.24 per lunar month (28 days) with a £59 excess*
Get a quote from E&L Insurance
Endsleigh have withdrawn from the student insurance market and therefore no longer offer a specialist policy in this respect.
More information is available in our student insurance guide
Adding an item to the family home insurance policy can be the cheapest way forward. Ask your insurer for more details explaining that the item will be in the possession of the student.
The big downside here is that if you need to claim you can find that premiums leap on renewal, reflecting both the claim made and the loss of a No Claims bonus. Also excesses tend to be higher on home and buildings insurance policies.
You can always get an comparative quote on the Moneymaxim Home Insurance Comparison Service, particularly if a renewal is due.
There are also specialist insurance available. This type of policy tend to insure not just theft and loss, but also accidental damage - so are ideal for expensive watches and more delicate items.
They do require that when away from home that the jewellery is either worn, held or locked in a locker or safe - so you may need to install a small safe in your halls or property - small jewellery safes can easily found on Amazon.
If you need to claim you receive a jewellery gift card to the insured value of the item and at that point your insurance policy would be cancelled.
Points to consider
If you do require further assistance please refer directly to the insurers mentioned, or contact us here at MoneyMaxim.
*Prices quotes refer to a 20 year old student living in rented accommodation in Berkshire. Premiums will differ once individual circumstances have been taken into consideration.
This content was last reviewed on 06/08/2021