Two ways of protecting your finances are:
- Getting insured
- Opening a bank account (See Bank accounts.)
Should I insure my belongings?
The best advice when you go to college is to leave anything of real value at home. If you must take valuables with you, they should be insured for their replacement value. This may be possible through your family's home insurance policy, for an extra premium.
If you are living in a hall of residence, check whether your hall fees include insurance cover. If they don't, take out your own personal insurance.
As a rough guide, to insure £200 worth of personal belongings could cost around £30 a year in halls of residence and around £55 in a private house or flat.
It is worth phoning two or three insurance companies or use price comparison website (e.g. gocompare.com) to get quotes, because costs can vary quite a bit. Payment can be made over the phone by credit or debit card.
Make sure you give correct answers to their questions, otherwise your insurance cover could be invalidated.
This page was updated on 15 July, 2008