Most think of furniture, televisions and refrigerators when they asses their personal property limits, but many insurance companies now consider your digital data personal property as well. 20 years ago this would have been unheard of, but in 2012 most people have purchased an extensive library of digital data and this data has value that can be reimbursed when lost in an insurable incident.
Downloaded Music - Digital music files can be downloaded as MP3s and MP4s directly to your home computer or portable music player, possibly even your smart phone. Even though this is considered an intangible item, it does hold value. When creating a home inventory retain receipts for your downloaded music purchases so that you can include them in insurance claims. Some larger downloading services have a history of past purchases saved in your account with them. If you’ve not already been collecting receipts, check your online account and add your purchase history to your home inventory today.
Downloaded Software - Just as with downloaded music, downloaded software also holds value and should be included in your personal property limits. Be sure to keep all paper and electronic receipts in a place that will be protected from fire, water and other hazards. Downloaded software can include games, tax and accounting programs as well as word processing programs and design software. These items don’t have to just be downloaded to your computer –if you’ve stored them on CDs or a thumb drive, note this in your home inventory as well.
Tangible Software - Not all software is downloaded; there are still those who’ve purchased a product from the store and have a tangible disc for installation or game play. Be sure to keep records of these purchases as well so that you can include them in claims.
It’s a new day and age in digital purchasing, but the old fashioned advice to save your receipts still rings true. Let us know if we can help you asses value and adjust your limits accordingly. Call us today for a Mentor OH insurance quote at 440-266-8888.