Gallagher, the insurance broker, is introducing a new policy catering to student accommodation providers. This policy offers insurance coverage for property damage. Unlike traditional landlord insurance, which primarily covers the property itself, this Gallagher policy targets student accommodation providers. They can offer it to their student residents as part of an all-inclusive package. The insurance safeguards students’ belongings within their accommodation, whether they live on or off campus.
The policy also extends coverage to fixtures and fittings, encompassing items like fitted bathrooms, kitchens, boilers, curtains, and shelving units. These are protected in case of incidents such as fires or floods.
Universities and accommodation providers select the necessary coverage for their student residents, who can access their policy details and documents through a digital platform.
According to the latest Student Money Survey, 82% of students expressed concerns about their financial situation. Given these concerns, insurance is often a low priority for students, potentially leaving them vulnerable to the costs of replacing damaged or stolen belongings.
The Gallagher product also includes wellbeing services aimed at supporting students’ mental, financial, and physical health, as well as providing assistance during personal challenges that may impact their studies. These services offer students access to wellbeing resources, counseling, and financial support when needed.
Gallagher’s recent insurance policy release caters to a crucial gap in the market, specifically within the domain of student housing. The unique challenges and uncertainties that accompany student living make insurance coverage for personal belongings a highly valuable addition to the array of services offered by accommodation providers. Given the rising number of students voicing concerns about their financial stability, the provision of such insurance as an integral part of their housing package serves as a reassuring safety net.
Furthermore, the policy’s comprehensive coverage that extends to fixtures and fittings is a standout feature. This facet guarantees the protection not only of personal possessions but also of integral components within the accommodation itself. In cases of unforeseen events like fires or floods, students can rest assured knowing that the expenses associated with repairing or replacing fixtures and fittings are fully covered.
The incorporation of a digital platform for the seamless retrieval of policy particulars and documents adds a layer of practicality and convenience to this offering. This approach aligns perfectly with the tech-savvy inclinations of many students and ensures quick access to essential information whenever it’s required.
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