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Student Belongings Now Worth Over £3,000

11 August 2015

A student owns, on average, more than £3,000 worth of personal possessions in their university accommodation, according to research(1) from Sainsbury’s Home Insurance, up 20% from last year’s £2,500(2). Technological appliances account for over half (54%) of the total value.

However, the findings reveal that one in three students (33%) do not have their possessions covered by a home insurance policy, and a further 13% don’t know if their possessions are covered or not. Just 10% of students living away from home have cover on their parents’ home insurance policy.

Laptops and smartphones are the gadget of choice for students with 92% saying they own each of these essential items. The rise in popularity of laptops and tablets has come at the expense of more traditional desktop computers, which are only owned by 17% of students.

Even though high-tech items are increasingly common in student accommodation, books remain a valuable asset for the modern student.  The vast majority (85%) say they have a physical collection of books; and the typical value of a student’s bookshelf is now £181.

Other popular student possessions include jewellery (owned by 59% and typically worth £355), iPad/tablet (44%/£299) and games consoles which are owned by 36% of students, and are estimated to be worth £263 on average.

Tom Thomson of Sainsbury’s Home Insurance commented: “Having a wide range of technological appliances is the norm for students nowadays, but this pushes up the average value of a student’s belongings enormously. Going without home contents insurance could be a false economy and could end up costing a lot more in the long run.

“Parents should check their home insurance policy as it may already provide contents cover for their children’s worldly possessions without any additional cost, giving them peace of mind.”

Sainsbury’s Bank, which offers protection for student home contents as part of its regular home insurance cover(3), is encouraging parents and students to protect their possessions against burglary, fire and vandalism. The policy applies to those in rented accommodation as well as halls of residence.

Most popular high value student possessions

students

This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.

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For more information, please contact:

Lorna Gilmour, Sainsbury’s Bank: 0131 286 0010 / bank_communications@sainsburys.co.uk

Or Citigate Dewe Rogerson: 020 7368 9571

 

Notes to Editors

1 – Research commissioned by Sainsbury’s Bank and conducted by YouthSight of 1,014 students in June 2015. Total average value of student possessions is £3,062.

2 – Research commissioned by Sainsbury’s Bank and conducted by YouthSight of 1,000 students in August 2014. Total average value of student possessions is £2,562.

3 – Limits apply: up to £5,000 on Sainsbury’s Home Insurance, and up to £10,000 on Sainsbury’s Premier Cover Home Insurance

Sainsbury’s home insurance is underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

 

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Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. The Bank benefits from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance.  Sainsbury’s Bank provides a range of quality products including travel money, insurances, credit cards, savings and loans which we provide through multiple channels, including instore, by telephone and online.

Sainsbury’s Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury’s Bank plc is covered by the Financial Services Compensation Scheme (FSCS).