Students often need expensive equipment like laptops, phones and textbooks while at university. Theft of these items can be devastating for a student – and expensive.

But parents may be able to provide cover for their children’s possessions while they are away at university, which negates the need to buy a separate student insurance policy.

Andrew Chalk, home insurance specialist at NFU Mutual, said: “The means-tested student maintenance loan system in the UK assumes that the majority of parents will contribute towards their children’s living costs at university.

“While this includes helping with things like rent and food, parents should also consider other ways in which they can help their children remain financially secure while studying.

“NFU Mutual’s Home Insurance provides cover for the policyholder’s children’s belongings while they’re away at university or college, and many parents across the country might benefit from similar cover, providing peace of mind that an accident or theft won’t derail their child’s studies.”

Income protection is a must

Financially, parents are expected to contribute towards a child’s living costs. Depending on their residual household income, students studying away from home may receive as little as 47% of the full maintenance loan available – leaving parents to provide the remaining 53%.

While this might be affordable to working parents, families can run into problems if a parent can’t work for a period of time. In this scenario, having income protection in place can ensure they can continue to financially support their offspring.

David Nottingham, protection expert at NFU Mutual, said: “Sending a child off to university can be worrying for any parent, and knowing they are financially reliant on you can add to a parent’s stress.

“Our student loans system is set up in such a way that parents are expected to contribute to their child’s living expenses, with students with higher-earning parents receiving a smaller maintenance loan. Considering extra expenses which can go above and beyond the maximum amount available to any student as a maintenance loan, parents will doubtless want to ensure they are in a position to support their child.

“Income protection can provide an individual with a regular income, based on their salary, if they are unable to work for a sustained period due to illness or disability.”