Brits cut home insurance spending

British homeowners have cut spending on home insurance by up to a third over the past year in order to save money during the recession, according to Kwik Fit Insurance .

The study, which looked at home insurance renewals for 24 major UK towns and cities, found that half of those surveyed had cut their insurance by 31 per cent in the worst cases.

Young and old people are the most likely to cut home insurance spending.

Habitants of Swansea had cut the most off their home insurance bills - almost one-third - with residents of Hull, Liverpool and Bradford cutting theirs by 23, 22 and 22 per cent respectively.

Brendan Devine, managing director of KFI, warned against risking thousands of pounds by reducing home insurance spending, but added: Understandably people are looking to reduce their costs, and lowering the value of your home insurance will certainly bring down your premium.

Recent research by home insurance comparison site Insurancewide.com revealed that smokers may pay lower premiums if they quit the habit.