Brits are not viewing insurance as a priority, despite the protection it can provide when money is tight, it has been claimed.

Martin Bamford, chartered financial planner at Informed Choice, said a growing number of people are taking the stance that outlay on insurance is not something they are prepared to do when they have to rein in their finances, but this could have serious long-term consequences.

He commented: "Taking a short-term view can result in premiums for insurances which are not seen as immediately important being cut."

However, Mr Bamford added that this leaves people wide open to financial instability in the future should their circumstances change.

According to Graeme Trudgill, head of corporate affairs at the British Insurance Brokers' Association, UK property owners should ensure they have the correct level of cover for their homes.

He added that at present, 75 per cent of homeowners across the UK are currently guilty of not purchasing home contents insurance.