The Association of British Insurers (ABI) has raised concerns that one in four households are opting to cancel their home insurance cover.
New research showed that 22 per cent of people have cut their contents insurance in the past 12 months in order to save money and a total of 17 per cent have stopped their building cover as the impact of the recession continues.
Stephen Haddrill, the ABI's director general, said: "Cutting back on insurance protection is a false economy. In these uncertain times, insurance provides a vital financial safety net to steer individuals, and families through the recession, as well as helping to provide long-term security."
He added that the home insurance market is competitive and many people could make substantial savings by using the internet to find the cheapest quote on offer to them.
Last week, homes insurance provider Saga stressed that the over 50s should not neglect their insurance cover - especially as they are more likely to leave their homes unoccupied outside of the traditional holiday seasons.
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