BIBA claims home insurance is vitally important

It is vitally important that people do not cut down on their home insurance, according to one expert.

Graeme Trudgill, technical and corporate affairs executive at British Insurance Brokers' Association (BIBA), has suggested that homeowners looking to cut back on their outgoings make savings elsewhere as home contents and buildings insurance are both necessities.

Home insurance is very important and the value of your contents and your building is pretty much everything you own in the world, so for the sake of your premium then everything is protected, he said.

The expert added that homeowners with a mortgage are required to take out buildings insurance.

His comments come after research by the Association of British Insurers highlighted that 22 per cent of people have either cancelled or not renewed their home insurance in the past year.

It was also found that 17 per cent of people have cancelled or not renewed their buildings cover .