When Kids Leave Home and Go to University. When children leave home, either on a permanent or semi permanent basis, some attention needs to applied to your home insurance policy. One of the first reasons, children leave home is to attend college or university, in the first year, many opt to live in the halls of residence or some will move in to a rental property with perhaps some friends. Which ever, they choose; you will need to make sure that you have adequate insurance for them. Although there are some specialist student insurers, in some cases it is possible to extend a buildings and contents home insurance policy to include children’s belongings whilst they are away at college or university. If you decide to take this option, you will need to check the level of cover on offer, the amount provided may be on the low side as possibly could be single article limit. It will be no good accepting a policy with a single article limit of £500 if you child has a £1000 laptop.
There may also be certain warranties and security requirements and these will also need to be studied. In the main, theft cover should be available but there will normally be a forcible and violent entry clause on the policy. Most insurers will offer this extension if your children are away from home during term time, but are still classed as being resident with you at other times. Cover will not be available if they have moved out and have another address on their own.
If you kids leave home on a permanent basis, they will then be responsible for their own insurance arrangements. They will need to effect a policy in their own name, which will usually exclude all contents left at the parents address. (Many children leave home and leave items behind at the parent’s home. Also at this time, you may like to review your own sums insured. You may find that once a family member has left with all of their clothing and person effects, you may not need such a high sum insured. It’s best to adopt a scientific approach when valuing contents for insurance purposes. Go from room to room, making notes and adding up items if you had just purchased them as brand new. Remember, all items in the home need to be included, even clothing.
Once children have gone, many homeowners, turn their attention to improving their own property, bringing up children can be financially draining, and once they have flown the nest; there is more money for home improvements, etc. Staying put and making alterations to the existing property, is the most popular, it seems that people would rather spend money on improving what they already own, rather than moving and having to pay out for removal fees and stamp duty etc.
Popular alterations for parent liberated of children, include converting a room in to a games room, installing a sauna or Jacuzzi or even fitting out a room as a home cinema. These additions will certainly need a revision to the home contents sum insured and in many cases, particularly if there is constriction work involved, you may need to alter your building sum insured.
Assetsure provides UK home insurance for buildings and contents for homeowners in the United Kingdom.
