Around 1.5 million households in Britain are putting their home and their valuables at risk by not taking out a proper insurance policy, a survey has reveal.

Research carried out by moneysupermarket.com indicates that as many as 750,000 households only have buildings cover in place, while another 500,000 just have contents insurance.

According to the poll, 1 in 16 homeowners has either building or contents insurance, but not both. The site said that 250,000 property owners have no policies to protect them in the event of an unexpected problem.

According to Julie Owens, moneysupermarket.com head of home insurance, the cost paid by homeowners in order to replace their items which have been damaged, stolen, or lost outside as well as the cost of fixing broken pipes and broken boilers could reach up to a couple of thousand pounds.

On the other hand, most home insurance policies would pay for a builder, plumber or electrician to repair the damages.

“Giving yourself peace of mind by having appropriate buildings and contents insurance is well worth it and doesn’t have to cost a lot,” Ms Owens said.

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