Wednesday 22nd November 2006
Financial services company Privilege has announced it is to offer up to £1,000 of cover for downloaded music to its home insurance customers.
The decision follows research which found 24 per cent of people have had their music collection destroyed in the past.
Kate Syred, commercial director at Privilege, said: "Our research has highlighted the risk music-lovers are taking by not insuring their favourite downloaded music collections."
"Downloaded music will now be protected on their home insurance policies at no extra cost," she added.
While younger customers, known as the iPod generation, were found to have an average of £310 of music downloads, the over-50s still reported an average of almost £100, the insurer claims.
Privilege is encouraging its customers to keep hardcopy receipts for music purchases as it warns electronic receipts may be lost along with the data.
Customers purchasing contents insurance can receive a 50 per cent discount until the end of the year if they also take building insurance from Privilege, it has revealed.
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