Those aged between 18 and 24 are feeling the pinch of the cost of living crisis most, found the price comparison site’s research

Over one million households (6%) who have contents and buildings insurance will not be renewing their insurance policy to save money as the cost of living crisis continues to bite.

This is according to price comparison website Go.Compare’s latest research – released today (3 November 2022).

The comparison website surveyed 28.3 million households in the UK – 65% of which had an existing home insurance policy.

One in ten (12%) of respondents stated that they were planning to reduce insurance cover as a result of trying to save money.

Those aged between 18 and 24 were feeling the pinch most – 21% reported that they planned to not renew their cover and 27% said they would be skimping on cover to save cash.

In terms of location, Londoners were the most likely not to renew – 14% said they would reduce buildings insurance, whereas 10% said they would reduce the level of their contents insurance.

Ceri McMillan, home insurance expert at Go.Compare, said that home insurance was vital for customers as it provided “peace of mind” that belongings and properties were fully covered “if the worse was to happen”.