Home insurance premium rates are "really competitive" and have not really changed in the last ten years, according to the British Insurance Brokers' Association (BIBA).

It urges homeowners to take out cover as it says it is the "second most important insurance you can buy".

The first is car insurance as it is a legal requirement, but home protection runs it close as, in some situations, such as sentimental value, things may be irreplaceable.

Also in the case of a total loss, very few people can afford to replace everything at once.

Graeme Trudgill, from BIBA, added: "If you have a mortgage they'll be a contract between you and the mortgage provider which will almost certainly says you have to take out buildings insurance and if you don't you will be in breach of your mortgage contract."

"It's also important because all your worldly goods and investments are in that property and the contents within it and that is why it is such an important policy to have".

BIBA has estimated that 25 per cent of people have no home insurance.

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