Many Brits are cancelling their home insurance policies in an effort to cut costs - despite fears of burglaries rising.
Brits are attempting to save money by cancelling their home insurance, new research has revealed.
A study by Lloyds TSB found that 15 percent of respondents stopped their cover mid-term over the last 12 months, while ten percent said that they would do so if they found themselves in a precarious financial situation.
Additionally, 13 percent revealed that they are unlikely to renew their home insurance policy when it comes to an end.
However, 79 percent said that they would be unable to replace belongings in the event of floods or burglaries. This could prove costly, with 65 percent believing that burglary is more likely because of the recession and Home Office statistics showing that home theft increased by four percent in the year to September 2008.
"Despite feeling more concerned about the security of their homes, many are having to seriously consider cutting back on household essentials, such as insurance, just to make ends meet," said Lloyds Banking Group retail banking insurance director Mike Canniffe.
"In these uncertain economic times many of us are making sacrifices, but it's alarming that so many are prepared to forego the valuable safety net insurance offers. Shopping around for the best deal can deliver valuable savings without losing that protection."
