Most people rely solely on their neighbours for their home security, but those that do are missing out on insurance savings, new research shows.

According to the research from HSBC Bank, some 73% of people will ask their neighbours to keep an eye on their home when they go away but less than half (44%) have installed a burglar alarm.

And HSBC said that while it was encouraging that people could rely on their neighbours, that people were missing out on other forms of security that could reduce their insurance premiums.

Stephen Young, head of general insurance at HSBC, said: “What householders may not realise is that other methods of security not only act as good deterrent against burglary but can also save money on home insurance premiums.

“Additional measures such as fitting an alarm system, having approved locks on the windows and becoming a member of an approved neighbourhood watch scheme could not only help to beat the burglar but with HSBC, could potentially save up to 15% on insurance premiums.”