Although some types of insurance may at times be unnecessary, others, such as buildings and contents, are must-haves, according to a consumer watchdog magazine.

As well as home insurance, Which? says, other essentials include life and car insurance.

Some elements of insurance are not so vital.

For example, some things are already protected by legislation or existing insurance policies.

One instance is where ID fraud losses will be met by customers' banks.

Accidental death and injury could well be covered under standard life insurance and mobile phones can often be protected under existing contents insurance.

Which? has identified, in its Money Saving handbook, the top five types of insurance to avoid as being: extended warranties; identity theft cover; payment protection insurance (PPI); mobile phone cover and accidental death and injury cover.

Tony Levene, author of the book, said: "You can buy insurance to cover yourself against any conceivable risk - even alien abduction.

"People should carry out a risk assessment of their own and make an informed choice about whether they actually need the insurance and whether it's worth the premium."

Mr Levene is a personal finance correspondent for the Guardian newspaper.

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