Setting up your student

Starting university is a very exciting time and will bring many firsts. It’s a time to meet new people, gain independence and try new experiences, but it’s also a time to think about whether your teenager will be covered for any damages/expenses while they are away at university.

To help you navigate this, let’s look at key areas of insuring students and what you can do to make sure your teenager is properly covered.

Is your teenager covered while they’re away?

Many families assume their child is automatically covered under their home contents policy, that’s not always the case. There are common misconceptions about student insurance, and understanding them early can save a lot of trouble.

Insurance matters more than most students realise. A single stolen laptop or damaged phone can derail a semester, and without cover, the cost sits squarely on the student or their parents.

What is usually covered by domestic contents policies?

Most domestic contents policies will include some cover for family members in secondary or tertiary institutions accommodation. There are some policies that will automatically include cover while flatting or boarding (with limitations on cover).

So what does this mean for students and their cover?

• Automatic cover in halls of residence

• Policies that extent to flatting or boarding

• Limitations on off-site cover

Example scenario: Why the details matter

A student has been living in their university hall accommodation for the year, and they decide to stay at university to complete a summer school paper. The student decides to spend the summer at their friend's flat.

They decide to travel home for Christmas, but unfortunately their bag is stolen, containing a laptop and headphones worth thousands of dollars. The insurer initially accepts the claim, but later questions the actual address of the student.

As the flat is not included under the family policy, the student is left at risk of not being paid out for the stolen goods due to potentially not being included under the whole family cover.

The importance of keeping your insurer updated

The journey through university isn't just a change for your teenager, it’s also a change for your insurer and it’s critical that you keep your insurer updated.

Here’s some key reasons why you should keep your insurer in the loop if you or your teenager is moving away from home to study at a university.

• Policies distinguish between home, halls, and flats

• Incorrect address can jeopardise a claim

• Changes in living situations must be disclosed

• Leaving flats unlocked can void your cover

• Forced entry is often required for theft claims

  
  

A quick check with your local insurance broker can prevent a declined claim in the future.

How can contents cover help students

University can be an incredibly exciting and fun time, but it’s important to take the steps to be covered for any damages in case things go wrong. Give yourself the peace of mind to focus on studies and not worry about whether you are financially protected.

Insurance cover will offer financial protection from various situations such as:

• Theft from flats or halls

• Accidental damage to laptops, phones, study equipment

• Being held liable for damage to other’s property

What is often excluded from your insurance cover?

Not every scenario is covered, so it’s critical you check with your insurer or speak to your local broker. Scenarios such as items lost or misplaced, theft without forced entry, high value items exceeding sub-limits or unattended property exclusions may not be covered by your insurer. Take the time to check, as it’s better to know now than not having cover if any damages do occur.

Is it affordable?

Contrary to popular belief, having insurance cover while studying is affordable and can be met on a student budget.

Insurance for students offer:

• Low monthly premiums

• Flexible excess options

• Student-specific policies

• Ability to bundle with family policies

There’s no reason to avoid insuring your goods because of the cost. Insurance packages can be tailored to your needs and your budget, keeping you protected all the time so you can focus on your studies and enjoying the experiences university has to offer.

Risk Management Advice

To avoid situations where you have to make a claim, take some precautions to manage risk to your belongings.

Here’s some tips to ensure your teenager is prepared and protected for university life.

Use security systems: FaceID, fingerprint scanner or strong passwords. We recommend using Multi Factor Authentication

Setup “Find My” and link to a backup email address

Avoid leaving expensive equipment in plain view (don’t leave near ground floor windows)

Keep your study backed up

Make sure your devices are set up to automatically save files to cloud storage such as OneDrive. Losing a laptop is frustrating, but losing multiple semesters of assignments, notes and research can be catastrophic. Turning on your Cloud backup ensures that your work is safe, even if your device isn't.

Stay smart with PayWave cards and digital wallets

Students often rely on PayWave for convenience, but it’s important to build in some safeguards.

Set spending limits in your banking app so a PIN is required above certain amounts

If you think you’ve misplaced your card, use your banking app to temporarily block it immediately

Many contents policies include limited cover for fraudulent use of lost or stolen cards, but prevention is always better than relying on a claim

These small steps help protect both your finances and your peace of mind.

Peace of mind for the year ahead

Insurance isn’t about expecting the worst, it’s about making sure a stolen laptop or flat mishap doesn’t derail a student’s year. With the right cover, students can enjoy their independence, and parents can relax knowing they’re protected.