Homeowners have been advised their home insurance cover should not be discarded as personal finances become stretched during the credit crunch.

Rachael Stiles, a spokesperson for fairinvestment.co.uk, believes as people's monthly outgoings increase they may be tempted to dispose of their home cover in a bid to save money.

However Ms Stiles claims those who are considering sacrificing their home insurance should remember the damage caused by flooding last summer to thousands of homes.

In addition, they must also look at the rain that has affected the UK over the last few days as a reminder of what can happen, she said.

"As household bills increase, it could be easy to sacrifice home insurance, but home and contents insurance is not something to be sacrificed. Your home is probably your most valuable asset and to forgo insuring it could be disastrous," she stated.

In related news, flood warnings were recently issued as some parts of the south-west had four-fifths of a month's rainfall in one day recently.

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