When purchasing home insurance many Britons are under-insuring their contents, it has been revealed.
A survey commissioned by AXA has found that many people are under-insuring their possessions by as much as £255 billion.
The contents of the average home are insured for £29,000, which is £9,000 less than the £38,000 consumers value their possessions at.
Nick Kidd, AXA's head of household said: "It may seem a good idea to many - particularly in today's climate - to pick the cheapest option when it comes to home insurance and save a few pounds, but £20,000 or even £30,000 worth of insurance is unlikely to cover all the contents in your home."
Under-insuring could also mean that policies become invalid.
A study by Sainsbury's recently found that home insurance policies are less likely to reward their customers with no claims bonuses.
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