Home insurance providers have stated that property owners who wish to purchase such cover could save time and money by comparing what’s being offered in the housing market.

A Home Insurance group recently published their ‘Peace of Mind’ report which highlighted that 10% of homeowners worry about floods, 28% are concerned about burst pipes, 44% fear fires and 64% of homeowners worry about their house being burgled.

Money saving expert Martin Lewis stated: “There’s a way to play the system, so you not only get a cheap policy, but the insurer gives you more cashback than the policy actually costs.

“These days, with recession worries meaning people have to weigh up the cost of any insurance policy against the worry of being burgled, it’s a welcome relief.

“It’s always important to lower your risks: window locks, a burglar alarm and being part of neighbourhood watch all help. Yet don’t assume you need the same cover as before; the recession has changed things.”