Many Brits are planning to cut back on the amount of money they spend on their home insurance in 2009, a new survey has revealed.
Research conducted by LV= discovered that over five million people plan to cancel or reduce one of their insurance policies over the next 12 months.
This is because many say they are attempting to save themselves money during the recession.
According to the research, home insurance policies are likely to be most affected, with 44 per cent of respondents considering cancelling their protection.
John O'Roarke, managing director of LV= general insurance, said that although it was "understandable" for people to want to reduce their outgoings, "cancelling or reducing essential insurance cover could result in many people finding themselves seriously out of pocket if something untoward happens".
In related news, a study conducted by Fairinvestement.co.uk recently revealed that 27 per cent of Brits have had to dip into their savings accounts as a result of the recession.
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