40% of Londoners have no home insurance, a new survey has revealed.

The Association of British Insurers (ABI) revealed new research which showed that 22% of people have either cancelled or failed to renew their policy in the last year in order to save money. With the results of their research, the ABI warned consumers that they could face a major threat to their personal finances without having adequate home insurance.

The research came as part of a national campaign to target the 750,000 Londoners who live in social or local authority housing. Although these people are at a far greater risk of being targeted by burglars and vandals, they are also the least likely to have home insurance.

“Many low-income Londoners struggle to access basic financial products, such as contents insurance, said Nick Starling, the ABI’s director of general insurance, "This makes it difficult for them to plan for the future, and leaves them at the mercy of unwelcome events, such as burglary."