Research from Go.Compare has found that more than 90% of British people continue to struggle with finances due to the cost of living crisis. The survey found that 6% of consumers were cutting spending on financial safeguards such as their home insurance.

Nathan Blackler, home insurance expert at Go.Compare, said: “It's concerning to see that some households are cutting back on essential costs like home insurance. For many, the rising cost of living has created an impossible balancing act, forcing them to make difficult choices between protecting their homes and meeting immediate needs.

He added: “There’s no doubt that these are challenging times, but being underinsured could end up being far more costly in the long run.”