• While vinyl records might be experiencing a renaissance with collectors, the same can't be said about CDs or DVDs; as we switch to buying digital downloads for entertainment
  • Consumers often forget to insure valuable digital downloads because they're not physical possessions
  • Check with your home insurance provider how much, if anything, your digital download collection would be covered for

Do you know how many songs you've downloaded onto your smartphone or mp3 player? What about eBooks, TV shows or films? As a technically-savvy society, we are now consuming more and more digital media (including our very own digital copies of Golden Girls episodes!).

Over the past few years, many of us have swapped vinyl and CDs for digital tracks, DVDs for downloaded movies and humble paperbacks for electronic copies of the latest novels.

PwC published results from a survey which looked at the 'value of a digital life'. It revealed that the average consumer owns 42 eBooks, 30 TV shows, 2,678 individual songs and 28 digital films. The estimated cost of buying all that digital content would be in the region of £2,500.

So what happens if your device is lost, stolen or damaged? Most people would only think to claim on their insurance for the item itself, forgetting the value of the digital content downloaded onto it.

You'd make a claim for your Fleetwood Mac vinyl collection if they'd been damaged in some way (or would you?!); so why not digital downloads?

It's not always possible to re-download digital content if something has happened to the device you'd stored it on. You might have had the forethought to back up your device on an external hard drive at home or use a cloud based service to save your downloads. But almost a third of consumers would be unable to replace lost digital assets, according to PwC's research.

Despite the rise in popularity of consumers buying digital content, few insurers provide cover for downloads under their contents policies.

It's worth checking what your contents insurance policy will and won't cover you for. If you're the kind of person who spends serious cash on downloading albums, books, films and computer games onto your smartphone or tablet for example, you'll want to make sure your digital content is insured should the worst happen.

It might also be worth taking the time to jot down a quick inventory of your digital entertainment: you might be surprised how much your collection is actually worth.