A survey by Direct Line has revealed that two million first-time buyers do not have home contents insurance.
The insurer believes that the cost of buying a first home is so great that it forces many new homeowners to economise in any way they can, with 70 per cent of people borrowing fittings from family and friends or buying second hand.
Another corner that is cut, Direct Line reveals, is home contents insurance.
But, despite the fact that many of the possessions might be begged, borrowed or bought "pre-owned", the average value of the contents of a typical first buy is still £15,000-£20,000.
Simon Ziviani, a spokesperson for Direct Line Home Insurance, commented: "We would recommend first-time buyers not to lose sight of the fact that if they were in the unfortunate position of having to replace their home contents, it could strain tight budgets even further.
"Regardless of whether furniture, fittings or electrics are old or new, their value adds up and the cost of replacing them would most certainly outweigh the price of an annual insurance premium."To read more about home insurance, click here.
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