“For millions of consumers, music downloads are replacing CDs and – for those dinosaurs who just can’t let go – vinyl as the way they like to listen to tracks by their favourite bands,” Isabelle Kassam reports for The Independent.
“But what if your treasured collection is destroyed by fire or flood or carted off by the local cat burglar? You can claim on your insurance for records, tapes and CDs but, at least until recently, any compensation request for lost music downloads will have fallen on deaf ears,” Kassam reports. “And a similar attitude will have applied to any claims for cash to replace lost games, ringtones and films.”
“But the record is no longer stuck, for insurers are finally waking up to the iPod generation, offering cover not just for our gadgets but the ‘intangible assets’ held on them,” Kassam reports. “Nationwide has been the trail-blazer, including music and other entertainment downloads as standard in its home contents cover. The building society argues – and a lot of iPod users would agree – that these virtual music collections count as family valuables, just like CDs and old LPs. Other insurers are considering a similar addition to their home contents cover.”
Full article here.