£1.7bn worth of student possessions 'not covered by home insurance'

Santander has found that £1.7 billion worth of goods owned by students are not insured.

Home insurance cover for students may never have been more important if the results of a new study are to be believed.

According to research conducted by Santander Student Current Accounts, there is currently £1.7 billion worth of goods owned by scholars throughout the UK that are not protected by contents and buildings insurance.

The survey found that the average person at university keeps items valued at more than £2,000 in a typical student home, which amounts to a total of £3.3 billion nationwide.

However, more than half of these possessions - the most common of which are mobile phones, laptops and other electrical gadgets such as iPods - are not covered by insurance policies.

Helen Bierton, head of Santander Current Accounts, commented that many students "still don't take adequate precautions by ensuring their possessions are insured".

In related news, Graeme Trudgill of the British Insurance Brokers' Association recently urged people to take out home insurance as many underestimate how much the belongings in their house are worth.

By Joe Letts