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Britons face £165 shortfall each month

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Increasing numbers of Britons are sacrificing essentials such as home insurance in an attempt to stay financially afloat, research has found.

A joint report by The Co-operative Insurance and Shelter found that 28% of Britons are struggling with outgoings, including rent, mortgage payments, living costs and fuel bills, leaving them with an average shortfall of £165 a month.

The report revealed that, as housing and living costs continue to increase, people are increasingly taking risks, such as forgoing essentials like home home insurance, in order to stay afloat.

According to the findings, 22% of the population don’t think having home contents insurance is important, although nearly 80% of people say they would be unable to afford to replace expensive items without it.

The research also showed that one in ten consumers admit that they undervalued their home contents to keep insurance premiums down. Lee Mooney, head of home insurance at The Co-operative Insurance, said that the research unveiled the extent at which Britons are feeling the pinch.

He said: “”Although times are tight and the vast majority of people don’t have spare cash, it is important that people prioritise what they need above what they want in the year ahead.”

“It’s worrying to see that such a high proportion of people don’t think having home insurance is important, as without it they could be left open to serious risk and further unaffordable expenditure in the long run,” he added.

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