An insurance provider has stressed that it is important that home insurance consumers do not reduce their cover in order to save money. Zurich Insurance believes that the recent ABI/YouGov research which concluded that 22 per cent of people have opted to cancel or not renew their home insurance over the past twelve months.
Mike Quinton, managing director of Zurich's direct insurance business in the UK, explained: "Customers have to realise that cancelling their buildings and contents cover may give them short term gain, but is likely to lead to long term pain should the worst happen."
He added that home insurance is vital in protecting people's homes against potential events such as floods, storms and even earthquakes.
In many cases, home insurance customers can save money by shopping around for a policy that offers value-for-money without reducing cover levels.
Last month, households were warned by home insurance provider More Than to ensure that have adequate security in place to deter thefts from their garden.
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