Insuring your Music

Music holds a special place in many people’s hearts, whether you’re into opera, heavy metal, jazz or folk- there is bound to be some music that will lift your mood or remind you of a happy time in your life. It is surprising how much music you will accumulate over the years. Depending on your age you could potentially have a huge collection of vinyl’s, cassettes and CD’s and a collection of MP3 downloads. If you have a case/computer full of music you could be surprised about how much your collection is worth- it could run into thousands of pounds.equalisers

Many people forget to add a value to their music collection when setting up a home insurance policy. Imagine if your house were to catch fire, or get fleeced by a burglar- your music collection could cost a fortune to replace. Many home insurance providers include covering music collections as part of a standard policy, so make sure you calculate an exact figure of what your music is worth and make your insurer aware of this- then can then incorporate this into your home insurance quote.

If you’re into music, you may well play a few instruments yourself. If you have a very expensive guitar for example, this may not be covered in a standard insurance policy. You may have to get single item cover for it, so be sure to discuss this will your insurer before committing to a policy.

Another thing to consider is your downloads. Sure enough, electronic downloads are starting to make a CD look like something from the stone age- 1 in 5 people now own a MP3 player, and this statistic is likely to grow within the next few years. Instead of buying physical CD’s, more and more are choosing to download single tracks or albums from sites such as Amazon and itunes. Music ranges from around £0.79-£7.99, and with the ever increasing storage on these tiny music players, you could potentially own hundreds (even thousands) of pounds worth of music on your MP3 player.

Until recently, it wasn’t standard that your downloads would be covered in your policy, but a growing number of home insurers are writing this in to their contracts. Remember that this will apply to any films you legally download as well, for example, the ipad and PS3 offer a ‘box office’ style of purchasing where you can download films for around £10. If you have a wide collection of movie downloads remember to add these into your contents estimate.

Whether you’re looking to cover your downloads, your fridge or your socks, always compare home insurance policies before you commit to one. Moneysupermarket.com will do this for you, and you’re more than likely to make a saving. The average saving on a home insurance policy is £131.

A Home Insurance article, written by Rachael Miller, part of the Insurance team at moneysupermarket.com.

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