Millions of people in the UK are viewing home insurance as their most expendable policy and sacrificing it to save money during the recession, figures show.
Statistics released by Sainsbury's reveal that an estimated 526,000 Brits have reduced their home contents cover while 349,000 have done the same with their buildings protection.
On top of this, 420,000 and 345,000 people have completely cancelled their contents and buildings insurance respectively.
Neil Laird, Sainsbury's home insurance manager, commented: "Given the financial state we're in it's inevitable that people are going to be looking to make cut-backs, but it's a real concern when those cut-backs leave them vulnerable to far greater expense down the line."
Marks and Spencer recently encouraged households to ensure that their home insurance policies extend to the garden as people are storing up to £888 worth of property in their sheds.
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