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Category Life Insurance

Insurance checklist for parents and students

04 March 2024 Werner Bosman, CEO at PPS Short-Term Insurance

As the academic year begins, thousands of young people embark on a new journey to “go and study”. A major change for many of them is that they leave home and take up residence near their tertiary institutions.

As much as they might be caught up in the excitement of finally leaving home, parents are faced with a common concern: what if their child’s belongings get lost, stolen, or damaged? In addition, recent fires in universities have left many students without their belongings and without the means to replace them. The results of the 2022/23 Victims of Crime Survey, show an alarming surge of 52% in personal property theft incidents from 2018/19 to 2022/23 in South Africa, parents and students should add insurance cover to their “to-do” lists before embarking on this new journey.

When insuring a student’s personal belongings, what should parents consider?

Contents cover

Firstly, parents should disclose both the primary and secondary location of their children’s belongings to insurers. This proactive step ensures cover accurately reflects where valuable items may be stored, minimising potential delays or rejections in the event of a claim. A supplementary content-cover insurance policy can provide comprehensive protection against theft, fire or damage to property stored at a secondary location.

Parents and students should also enquire about security protocols, including surveillance, access control and emergency response plans. This information enables insurers to customise cover to specific risks, ensuring efficient and effective processing of claims.

Car insurance

Some students are lucky enough to have a car and regardless of whom it belongs to – themselves or their parents – it is a good idea to update any existing insurance policies covering the vehicle.
It is a good idea to find out where the vehicle will be parked and what security protocols are in place. Ensure that the cover is comprehensive enough to protect against potential risks such as accidents, theft or damages.

Laptops and electronics

In today’s digital age, laptops and smartphones are essential academic tools for students and should be adequately insured against theft, loss or accidental damage. Parents should carefully review the terms and conditions of their insurance policies to understand the cover and make any necessary adjustments for a seamless claims process.

Travel insurance

For students studying abroad, investing in travel insurance with comprehensive cover is highly recommended. This type of insurance should cover medical emergencies, trip cancellations or loss of luggage, providing an additional layer of security for both the student’s well-being and the protection of their possessions in unfamiliar environments.

Insuring student’s belongings as they embark on their university journey is a critical step for parents to safeguard the investment in their child’s education and well-being. University life presents various new challenges to students. Adding a concern about how to keep their belongings safe, just adds unnecessary pressure on young minds. If they know their possessions are insured, not only can they focus on their studies, but they can also learn from their parents how to prepare well for all circumstances.

PPS Short-Term Insurance is a licensed insurer conducting non-life insurance business and an authorised FSP.

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The shocking crime and motor vehicle accident statistics shared during a recent SHA presentation suggests that group personal accident and personal accident cover are a no-brainer. Do you agree?

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