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Two in five of British insurance policyholders have coverage that is inadequate, as indicated in a study carried out by Vision Critical.

The cost of this can be grave on the wallets of these people if they are subjected to a serious theft, loss or damage.

Forty per cent of people have had to cough up £200 to replace or mend damaged or stolen goods, which for a further 20 per cent increases to £500.

A major problem that contributes towards this is that 22 per cent of people automatically renew their insurance policy without shopping around for the best deal.

Furthermore, one in four people just choose the cheapest policy regardless of what the actual terms and conditions are. Sixty per cent do not even bother to read the small print.

Carpets and rugs are the most common victims of household accidents, while nearly as many have damaged electrical items or their furniture.