It may surprise you to know that the average person has almost £1,200 worth of digital downloads and yet just three in ten home insurance policies cover these. Recent research indicates that people purchase around £1,200 worth of music, movies and software downloads at home – which total £46 billion worth of content between the UK’s ever growing internet users.
Almost two million people have more than £5,000 worth of digital content stored on their machines. This accounts for 4% - which in turn rises to around 7% in the 18 – 34 year old bracket. However, despite the value of these downloads, you will need to look hard to find a company who can cover these.
There is a psychological aspect to this: we simply cannot compute the value of music downloaded onto an MP3 in the same way as we can to a wall full of shelves bearing CDs, cassettes, vinyl or DVDs and videos! However, downloads are just as valuable – and maybe more so – than the tangible entertainment items we can actually see, so it is sensible to insure them.
Checking the small print of your insurance policy is the first step to seeing if you do indeed have cover. Being underinsured is a dangerous position in which to be, so use this exercise to think about all the things you have and make sure they are included – and think too about whether you need to increase your cover for downloaded material. There is specialist insurance available for those who have a high volume of digital content – speak with a professional insurance broker and get advice as to what you need to do.
Whether you have insurance or not, it makes sense to back up all digital files. Some broadband providers offer back-ups where your files are stored on your internet service provider’s server. Backups are done automatically – but remember that users with a large number of digital files will pay more than the basic fee for the extra storage space required.
Alternatively, you can back up your files and data at home using either an external hard-drive, another computer, CD or on memory sticks. If you have photos you wish to back up, you can do this free on the internet. There are a few websites to choose from and you can share as well as order prints from these too.
Getting advice is important and our professional team at Westhill Insurance Services will be pleased to offer sensible advice. As an independent insurance broker we will shop around to find the right cover to suit your needs and we will not sell you insurance you do not need. So before you talk to anyone else, make one quick call to us and see how we can help you insure your digital files – and indeed your entire home contents: prevention is after all, better than cure, especially in our high-tech society when so much of what we need to protect is not tangible!