Three types of cover are available:

New for Old

They will pay for the original cost of the goods, except clothes.

Indemnity Cover

You will be protected for the current value of your possessions.

Add-On Cover

All risks including property which is taken out of your home – i.e. wallets, iPods, laptops etc – are covered and protected. Legal cover in terms of court costs can also be included as an add-on.

The cost of your insurance policy is affected by where you live as a student:

• If you are living at home, you will be covered by your parent’s home contents insurance.
• If you are living in halls, the price of your rent may include a policy covering your possessions.
• If you are living in a flat you won’t be covered.
• Double check your parents' policy you may still be covered by their insurance even if you have moved out.

The insurance company is unlikely to pay the full out amount for stolen items. Most policies come with an 'excess' - you have to pay a certain amount first, and the insurers will pay the remainder. Some companies also have a maximum limit of how much they will pay per item.

You have to value your items accurately:

• Value them too low and insurers will not meet your claims and only pay a percentage of the true value.
• Value them too high and your insurance premium will be higher than it should be.