Research from price comparison website comparethemarket reportedly shows that many renters have stopped their home contents insurance as part of their money saving strategy for dealing with the current cost of living crisis.

48% of renters don't have contents insurance cover for their homes but of that 48%, two fifths have stopped a policy in order to save money. This worrying trend is exacerbated by another fifth who don't have a contents policy because they think that their possessions will be covered by their landlord's building insurance.

Comparethemarket director, Alex Hasty, is quoted as saying that due to the personal financial strain of the cost of living crisis, many people living in the private rented sector are not just cutting back on luxuries but also on "critical" expenses such as insurance and that this can be more expensive for them in the long run. The advice is to shop around for cheaper deals on all an individual's policies rather than simply terminate a contents policy as a false economy.