Ensure Your Digital Downloads are Insured

CHESTER, England, April 16, 2012 /PRNewswire/ --

• Levels of cover will vary between providers, says MoneySupermarket.com
  

With millions of Brits owning the latest laptop, smartphone, digital music player or tablet computer, MoneySupermarket.com is warning UK gadget lovers to ensure their home contents insurance covers not just their devices but their digital downloads and software too.

Analysis from Britain's number one comparison site reveals the cover offered for digital downloads varies between home insurance policies.  For example, the maximum level of cover for digital content is £500 with home contents from AXA Insurance, while LV= and Direct Line both provide cover up to £1,000, and Hiscox covering up to £2,500 (per incident). Other home insurers however, offer no cover at all for digital downloads, despite the rising popularity of digital content in the UK (see notes to editors). 

The research also found some insurers make distinctions between covering digital downloads and software stored on home entertainment equipment and computers compared with how they cover data downloaded on mobile phones. It's important to be aware of any differences should you need to make a claim.

Peter Harrison, insurance expert at MoneySupermarket, said: "Gadget-lovers are spoilt for choice, with the array of laptops, smartphones, tablets and multimedia home entertainment systems on offer. Buying one or multiple devices can be costly, and users won't think twice about taking insurance to cover the cost of losing or breaking these high value items. However, I'm sure many people don't consider protecting the content on these devices; the cost of downloading antivirus software, photo editing suites and other programmes soon adds up and it's important to have adequate insurance should the device be damaged, broken or stolen. It's easy to overlook the value of digital downloads and computer software as they are out of sight and potentially out of mind. 

"I'd advise homeowners to be sure they have sufficient protection against loss or theft of digital downloads. Check the details of your home contents insurance to see if you have cover in place and if you are unsure after reading through your policy documents, speak to your insurer to clarify if you do have cover and to what extent. It's worth spending some time to value your virtual content to ensure you have adequate cover for all your digital downloads as the upper limits on many policies can be modest. Where possible, keep copies of invoices or bank statements as proof of purchase in case you need to make a claim."

Notes to editors:

Home contents insurance - Digital downloads cover policy details:

    Provider         Digital Content Cover
    AXA                    Up to GBP500
    Barclays             No Cover Provided
    Halifax              No Cover Provided
    Hiscox                Up to GBP2,500
    Lloyds TSB           No Cover Provided
    LV=                   Up to GBP1,000
    Post Office          No Cover Provided
    The AA               No Cover Provided
    Direct Line           Up to GBP1,000

    Provider               Digital Downloads

    LV=            LV= will pay up to GBP1,000 for loss or
                 damage to information that you have bought
                   and stored on your home entertainment
                  equipment as a result of: fire, water or
                    leaking oil, theft, storm or flood,
                     subsidence or heave, vandalism or
                    malicious damage, impact by animal,
                   falling tree or branch, road vehicle,
                 train aircraft or other flying objects.

    Hiscox       Up to GBP2,500 in total for each incident.

    AXA           AXA will pay for any one claim for the
                   cost of replacing information lost or
                 damaged that you have purchased and stored
                    on your home entertainment equipment
                           and/or mobile phones.

    Direct Line  Direct Line will pay the cost of replacing
                    information that you have bought and
                     stored on your home entertainment
                  equipment or mobile phone. The most that
                 will be paid for any one claim is GBP1,000

Sourced by MoneySupermarket.com 05.04.12

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SOURCE moneysupermarket.com