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Millions plan to cut insurance

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More than five million Britons are looking to save money by cancelling or reducing one or more of their insurance policies during the next year, figures have revealed.

Out of the 5.1 million people looking to make changes, 44% are thinking of cancelling or reducing their home insurance - making it the hardest hit policy.

Flood insurance was the most common area to cut, with 29% of people saying it would be the first to go, despite an increasing number of flood claims.

A total of 37% said they are thinking of reducing their car insurance and 22% said they plan to make changes to their travel cover, the poll for insurer LV= revealed.

John O'Roarke, the firm's managing director, said: "Home contents insurance is not legally required but anyone who has suffered a flood or break-in will know how important it is to have cover in place as if you do have a problem and you don't have cover, the cost often run into many thousands of pounds.

"Similarly travel insurance is extremely important if you are going abroad, and compared to the cost of an average holiday, it is a very small expense that could save you tens of thousands."

© Press Association 2009