Almost one-quarter of Brits 'have cancelled home insurance policies'

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Almost one-quarter of Brits 'have cancelled home insurance policies'

Nearly 25 per cent of Britain's homeowners have cancelled their home insurance policies due to the financial pressures of the recession, it has been discovered.

According to a poll undertaken by the Association of British Insurers (ABI), 22 per cent of respondents said that they had either failed to renew their home contents cover within the last year or had cancelled it altogether.

A further 17 per cent admitted that they currently do not have buildings insurance.

Home insurance is not the only thing to suffer, the survey discovered, as 13 per cent said they have opted out of their life insurance within the last year.

"Insurance provides a vital safety net through the recession, as well as long-term security. Ditching insurance or reducing your cover must only be a last resort," advised Stephen Haddrill from the ABI.

A recent poll undertaken by uSwitch.com found that six per cent of third-party car insurance holders have downgraded their policies from fully comprehensive cover lately in order to save some pennies.

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