Brits considering home insurance cutbacks

Budgeting Brits are planning to reduce their outgoings by cutting back on insurance policies in the coming year, according to new research.

A study by LV= highlights that over five million people will cancel one or more of their insurance policies in the coming 12 months in order to save money, with home insurance being the policy that most (44 per cent) think they can cope without.

The most popular element of home insurance people look set to cut is flood protection, with 29 per cent of people stating this would be top of their list.

John O'Roarke, managing director of LV= general insurance, said: It's understandable that people are looking to ways in which they reduce their outgoings, however cancelling or reducing essential insurance cover could result in many people finding themselves seriously out of pocket if something untoward happens.

Last week, Joe Young, spokesperson for Age Concern Insurance Services, warned people not to cut back on home insurance, stating they could find themselves considerably out of pocket.