Brits have been advised to ensure they have adequate insurance cover to protect their finances in the event of an accident or burglary.

With six per cent of home insurance customers cancelling their cover, according to research by a comparison website, more homeowners are putting themselves and their finances at great risk.

The research found that there have also been a growing number of reports on domestic burglaries, with official figures showing a four per cent increase. For this reason, brokers has advised homeowners that they should not cut corners on their contents cover.

Insurance expert Mark Monterio of a comparison website said: “Consumers need to be mindful of the increased threat of domestic burglary and take precautionary measures, ensuring that the full value of their personal property is safeguarded.”

“With many UK consumers’ finances already stretched to the limit, becoming a victim of burglary without adequate home insurance cover could push them over the edge,” he added.

Furthermore as the current climate of both the economy and the weather worsens, more Brits are thinking twice as to whether or not they should leave their heating on in fear of not being able to meet electricity payments.

Opting out of heating a big “no-no”

Those who decide to leave their heating off as a bid to save cash may be in for a “terrible” surprise.

It has been warned that those who intend to switch their heating off as a bid to save cash may in fact find that they are causing “terrible damage” to their property and their finances.

Sainsbury’s Home Insurance estimated that 13, 000 claims had been made for burst pipe damage since December 22nd 2008. And as the weather worsens, figures are expected to increase.

Manager Neil Laird of the insurance provider said: “We have seen cases this year where people have gone away for a few days and switched their heating off and returned to terrible damage, this really is a no-no.”

Recent research from the insurance provider found that the cost of home insurance claims made for burst pipe damage has therefore totalled up to £27.56 million in just over a month.

Research by AA Home insurance also found that there has been a 50 per cent growth in the number of floods caused by burst pipes.

Director Simon Douglas of AA Insurance said: “The cold snap is a reminder that burst pipes can cause serious water damage to both buildings and contents such as carpets and furniture.”

Good value home insurance

However, those without adequate home insurance may find themselves in sticky situation. Insurers have stressed that homeowners ensure they have an insurance policy to cover the costs of a burglary or any damage.

Earlier this month, the AA revealed that the cost of home insurance is still a good value with average premiums dropping by 3.9 per cent in some cases.

Yet Mr Douglas advised that "people should still shop around as these don't always represent the best deal."