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Brits considering purchasing home insurance do not have to break the bank to get coverage, according to the British Insurance Brokers' Association (Biba).

Steve Foulsham, head of technical services at Biba, explained that there are optional extra that add to the price consumers can avoid, such as accidental damage cover.

"You could have standard cover which effectively provides cover in the event of fire, theft, water damage, explosions, riots, civil commotion, et cetera, without that extension of loss or damage by any cause, which is the accidental damage extension," he said.

Obviously by paying more, Brits get a more comprehensive coverage, but the extra peace of mind comes at a higher price.

Consumers should work out how much they can afford and then tailor the extent of the coverage based on that to protect their wares. They should never use expense as a reason to not get insured as, in the event of a disaster, they will be left in a terrible position.