multi occupancy insurance

busiscoming2

My son is about to share a house with 4 other people. It is furnished. Obviously they will each have their own bits n pieces in their rooms. How do they go about insuring their possessions. There are no locks on their individual rooms. Can they do it as one policy or do they each need their own?
Thanks.

dacouch

The cheapest way is to have one policy covering all of their contents with them all as joint policyholders. This normally offers the best cover with fewer restrictions and no arguements if there is a claim over which Insurance company is liable if its jointly owned item.

You can sometimes get Norwich Union / Aviva to agree to this on their Home Plus Policy which is only available through a broker. It would depend on their occupations.

Another option would be to speak to a broker in a university city as they will be used to handling these types of risks and will know which companies will agree to offer cover (They sometimes have special agreements with Insurers)

Shiny.Side.Up

I would look into Endsleigh... They covered my belongings up to 3,000pounds in my student accommodation last year for the handsome fee of 25pounds. :P Good cover, too. Don't know if they'd be able to help your son out.

busiscoming2

Thanks, they are all students, so will have a look with Endsleigh.

Quote

...also look into your own contents insurance, if you have it. It may extend to cover your son's possessions for certain perils.

dacouch

If they are students then I agree with Quote, your own Home Contents often covers your sons contents at no extra cost, but with a few restrictions