The British Insurance Brokers' Association (Biba) has stressed that it is important that home insurance customers do not reduce their amount of cover in order to save money.
Graeme Trudgill, technical and corporate affairs executive at Biba, explained that even during an economic downturn it is still vital for people to ensure their home insurance policies are up-to-date.
"home insurance is very important and the value of your contents and your building is pretty much everything you own in the world, so for the sake of your premium then everything is protected," he said.
A recent report from the Association of British Insurers revealed that a total of 22 per cent of people have either cancelled or failed to renew their home insurance over the past 12 months.
Meanwhile, Biba has also seen a downturn in demand for home insurance protection with 16 per cent of brokers reporting clients reducing the sums insured and a further 16 per cent increasing their excesses in order to reduce potential costs.
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