A recent survey has found that schoolchildren are carrying £1.8 billion worth of valuables every day!
Whether its phones, iPads, game consoles or jewellery, all of these expensive personal belongings may be in your child’s school bag.
Kids are kids, which often means things are likely to get damaged or lost. So how do you replace such expenses when these accidents occur?
The answer to that should be personal possessions protection.
Research carried out by uSwitch found that in 2016 a child’s school bag contained £219 worth of gadgets on average and 13% carried belongings totalling more than £500. These figures are surely becoming the norm and with them set to soar in the coming years, more and more parents should be looking into this additional insurance benefit.
Away from home protection is not always covered as a standard benefit of home and contents insurance policies, so it’s important to check what type of cover you have and what added extras you can get.
It is often the case that parents believe their child’s personal possessions are covered under the same policy as their home cover. This is not guaranteed, especially when it’s time for them to flee the nest in search of freedom. The Chartered Insurance Institute found that while at university, 6% of students have been targets of theft and that 54% have no content protection for their possessions.
So if your child is currently away from home studying or is planning to in the future, it’s important to revisit your insurance policy to ensure that these amendments can be made and cover the risks that come with owning valuables.