The high cost of no insurance

Around 6 per cent of people admit they do not have either buildings or contents insurance for their property, rising to 12 per cent among homeowners aged under 34, according to moneysupermarket.com.

Half of people who do not have adequate home insurance have only buildings cover, while a third have only insured their contents, with others having no insurance at all.

Julie Owens, head of home insurance at moneysupermarket.com, said: "Inadequate cover is a serious problem for many homeowners, and is a very dangerous position to be in.

"Homeowners seem to be taking the either/or approach by foregoing some part of their home insurance, but having both buildings and contents cover is important and not as costly as many may think.

"Common incidents such as accidental damage, burglary or loss of possessions away from the home can lead to very expensive bills without contents insurance to protect you, and most mortgage providers will insist you have buildings cover before they lend to you."