Protecting Yourself While Studying Overseas
Each year, many young people move away from home to attend a college, often in an entirely new state. A lucky few get to study overseas – with a leading destination being the UK. With this new found freedom come new responsibility that are not always immediately obvious.
Setting up home and studying in the UK for the first time can be both fun and stressful, but the balance will swing to the stressful in the event of a fire, burglary, or natural disaster.
*Spot Quiz*
- What brand and model is the television in your house or apartment.
- How much did your computer cost, and when and where did you purchase it?
- What is the serial number on your digital camera?
How many of these questions were you able to answer without checking? Now imagine how difficult it would be to come up with this information for ALL of your belongings while dealing with the stress of a fire, burglary, or natural disaster. In some cases you might not even be able to produce the required proof of purchase required by insurers.
How can a home inventory help?
In the unfortunate event of a major loss, your insurance company will require certain information to process your claim. Also, if you file a police report for stolen items, having the model number and serial number will improve your odds of recovering the stolen property.
What you'll need to start
All you need to perform a home inventory is a home inventory booklet or one of Microsoft’s free inventory templates, which is what I use. Some people also include photographs, digital pictures or video tape.
Next you can begin to gather and enter the following information about each item:
Description
- Brand/Model
- Serial Number
- Condition
In addition, you'll need to record information about the value of each item. Depending on whether your insurance company pays claims based on "replacement value" or "current value", which you can estimate using Google Products - you'll need to record details such as:
- Purchase Price
- Replacement Cost
- Current Value
- When/Where purchased
If possible, you should also take photographs or a video record to document the existence and condition of the items in your home inventory.
How to conduct your home inventory
Now that you know what you need, here's how to get started:
- Systematically go through your house or apartment one room at a time*.
- List down each item in the room, including the contents of desks, drawers, closets, etc.
- Describe each item as completely as possible, recording all the details as discussed in the previous section.
- When you've finished all the rooms in your house, don't forget the garage, patio, outside buildings, etc.
*You might be tempted to skip from one room to the next recording the "high dollar" items only. But, while this is better than nothing, remember that the "little items" can really add up also, and in the event of a disaster, these items might be the most difficult to remember.
What's next?
Okay, so after you've completed your home inventory you know what you have and how much it's worth. Now if you already have a home insurance policy, it’s time to review it in order to ensure that you are not under insured. If you do not already have home insurance, now is a good time to consider an award winning home insurance product such as ASDA Home Insurance, part of the Wal-Mart Family, or one of the major UK Banks such as Legal & General which also provide comprehensive home insurance, or use a service such as the UK’s version of The Motley Fool for a competitive home insurance quote.
Don't put it off!
If you have just moved into an apartment or house, whether it has been arranged by your host university or by yourself, I recommend that you compile your inventory ASAP and take out your insurance cover ASAP.
Other services are also worth considering while studying in Europe, including car insurance. ASDA Car Insurance is generally good value. However, car insurance offered by AA Insurance (like our AAA) comes with several added benefits including free breakdown cover. As prices regularly change, you may chose to use The Motley Fool to find your own cheap car insurance.
Be warned that in the UK, motorist’s drive on the left, while in most other parts of Europe they do drive in the correct side of the road, and as they say in the UK – Bon Voyage!