Home insurance policies are generally lagging behind in terms of covering people for their music downloads. We take a look at music downloads and assess the implications for your home insurance.
According to research from Sainsbury’s Home Insurance, UK music lovers have amassed an estimated £1.3 billion worth of digital music downloads from online stores such as iTunes and Amazon.
However, less than 25% of home insurance policies offer any cover for these purchases. This could be a disaster should the computer hard drive on which they’re stored by stolen or destroyed by fire – leaving the music lover without music and seriously out of pocket.
Sainsbury’s Home Insurance offers cover for digital downloaded media up to the value of £2,000. There are other providers who offer cover too but do make sure you check what’s provided and that the amount of cover is enough for your music collection.
Alternatively if your needs are a little more unusual, perhaps your music collection is much larger than average or perhaps you have a large, valuable record or CD collection, you may need to consider High Net Worth Home Insurance.
Ben Tyte, Sainsbury’s Home Insurance Manager, said: “There may be an assumption from consumers that once they’ve made a purchase any loss could be recovered from the retailer but most outlets only allow for a single download.
The likes of Amazon and iTunes do offer receipts via online accounts so even if a computer was totally destroyed the customer would be able to retrieve these and claim for their loss on their home insurance policy. It’s also a good idea to back-up your collection onto another computer as a precautionary measure.”
The power of online purchasing was clearly demonstrated over the Christmas period when a single only available online, Rage Against the Machine’s ‘Killing in the Name”, toppled the traditional favourite, the X Factor winner’s single, to the Christmas number one slot.
Whatever music downloads you have, remember it’s important to check that your home insurance covers them.