More Brits are cutting back on their home insurance cover as a bid to save more cash during the current economic crisis, it has been revealed.

According to research by insurer, Kwik Fit Insurance (KFI), British homeowners have reduced their spending on the insurance by nearly a third in the past year.

Figures stated that half of the homeowners surveyed had cut their home insurance by 31 per cent.

Brendan Devine, managing director of KFI said: "Understandably people are looking to reduce their costs, and lowering the value of your home insurance will certainly bring down your premium."

However Devine added that many homeowners are risking losing more by reducing their cover.

Meanwhile, a study by GoCompare.com found that 24 per cent of homeowners could be losing out on significant savings by renewing their policies without making changes.

The website found that more homeowners are finding their home insurance renewal forms confusing and just let their policies renew automatically.

Chief executive of GoCompare.com Hayley Parsons said: "The language used and the technical nature of renewal documents make them a less than compelling read, but renewals contain important information which could affect your financial wealth.

So, it is essential that you spend the time to check the policy you are being offered continues to meet your needs."