Parents have been reminded that as their graduate children return home there is a need for them to reassess their home insurance to ensure that additional expensive items are covered.

Reports suggest that many young graduates would prefer to go home and live with their parents rather than rent their own apartment, either out of choice or due to the financial hardship imposed by the current credit crunch.

And many of those heading back, according to reports, will be taking with them items that are worth thousands of pounds.

Possessions like laptops, ipods, TV sets etc are quite expensive and homeowners are being urged to consider taking out contents insurance that will adequately cover them in case of loss or damage.

“Many students will have built up quite a collection of valuable items over the course of their degree. While some may have little monetary value, others such as laptops can be expensive and should be properly insured,” said spokesman at Virgin Money, Grant Bather.