If you are lucky enough to have a laptop on hand to help make your life as a student that much easier, or perhaps a costly smartphone so that you can call home every few days from your digz, the scary reality is that you are at a greater risk of being targeted by criminals. Knowing this, it is definitely wise to give some serious thought to investing in personal items insurance.
Why Should I Insure?
The chances are high that you are more likely to save yourself thousands of rands in the long run simply by investing monthly in insurance for your personal items. Think about it – how much cash would you have to shell out if someone managed to steal your trusty laptop or a pickpocket nabs your phone and wallet?
Perhaps you are a photography student with a fancy camera, or a sports fanatic with loads of gear? Whatever the item, replacing it might just be way too expensive to even be considered an option in the first place.
What happens if something goes missing?
With personal contents insurance, if any of your insured belongings go missing or are damaged, the insurance company will pay out an amount (check the small print in your contract before you sign) that will make it possible for you to replace the item.
This means that you get to carry on with your life, hobby or even studies with as little stress or disruption as possible (note that terms and conditions apply depending on the insurance provider that you choose).
What Should I Insure?
Anything that you own which is of moderate to high value should be insured. Smartphones, laptops, cameras, sporting gear, opticals and even expensive designer label clothing can be added to your policy. The good news is that the more items you insure, the higher your monthly premium discount is likely to be.
However, while you definitely want to be thorough, try to only insure the truly necessary items to save yourself some much-needed cash. Monthly insurance premiums can certainly take a toll on an already delicate student budget!
Now that you know why and what to insure, be sure to do all of the necessary research on the different insurance providers out there, and to obtain as many quotes as you can. In making the right enquiries, you are more likely to find the perfect deal that provides you with both affordability and total peace of mind.
Quick tip: Remember to back up your documents on your laptop on a regular basis using a portable hard drive or memory stick. The only thing worse than having your laptop stolen is losing all of your hard work and having to re-do assignments from scratch!