Insurance broker Gallagher is launching a policy for student accommodation providers with insurance cover against damage to their properties.
Traditional landlord insurance covers the property itself but not tenant belongings. The Gallagher policy is designed to be bought by student accommodation providers, who then provide it to their student residents as part of their all-inclusive offering.
The insurance cover is available to students living on and off campuses and protects their possessions whilst inside their accommodation.
Damage to fixtures and fittings is also covered including fitted bathrooms and kitchens, boilers, curtains and shelving units are covered should an incident occur such as a fire or flood.
Universities and accommodation providers choose the required cover for their student residents, who then access their cover and policy documents on a digital platform.
According to the most recent annual Student Money Survey 82 per cent of students said that they were worried about making ends meet. With this in mind, insurance is likely to be low on the list of priorities for students, leaving them exposed to the cost of having to replace belongings if they are damaged or stolen.
Wellbeing services are also offered as part of the Gallagher product which have been designed to support the mental, financial and physical health of students and provide support during personal circumstances that could interfere with studies. Students can access wellbeing tools, counselling and financial support if and when they need it.
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Having several solvent property owning guarantors with joint and several liability is essential with groups of students but I think this type of insurance would just be a waste of money. There would be far too onerous exclusions that most claims would fail or be severely curtailed with future premiums soaring.
As I have said before, I reckon I have saved well over £30k - probably approaching £40k - by only insuring against unaffordable losses apart from compulsory insurance like car insurance etc. and taking voluntary excesses of around £500 or more to reduce premiums further.
It wouldn't cost me £40k to replace all essential contents if several of my properties were destroyed at the same time and such losses would neither be unaffordable or life changing. Of course the savings total from such avoidable insurance premiums continues to grow year on year.
insurance generally is a waste of time I'm trying to claim from axa health at present they are doing their best to get out of it
Andrew
I totally agree. I had private health insurance years ago from one blue chip employer but they refused to give me more money instead of the insurance. I had the same argument over a company car, a top of the range Rover when I would have preferred the cost of the lease and supplied my own Metro.
I tried to argue with HMRC that these weren't benefits in kind as I had no alternative choice and my employer benefitted from the opportunity of any illness being treated faster and avoiding breakdowns , both of which meant my potential productivity was better, which was solely my employer's benefit and not mine.
Needless to say I didn't get anywhere with HMRC or my pen pushing bosses - but at least I have about £40k which would otherwise be in insurers' pockets!
Yes Robert, what I should have done was pay the premiums into a savings account instead of the insurance, now I will self fund and sue axa when L'm better
Andrew
Hopefully you will now cancel the policy and start to save the premiums now?
I hate the adverts aimed at people much older than us promising a cash sum when they pop off. It's actually very easy to pay in more than the amount which will be paid out and no option to make the policy fully paid up.
Insurance companies are just like bookies, only a bit smarter dressed with many more mugs as punters.
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