Research from price comparison service Comparethemarket suggests that 48 per cent of renters do not have contents insurance.

Of those, more than two-fifths have sacrificed it in a bid to save money.

Some 54 per cent of renters that have previously had items lost, damaged or stolen say that the value of their impacted possessions is over £200. For more than one in five tenants this figure rises to over £500.

Nearly a fifth of renters are not taking out contents insurance as they mistakenly believe that their landlord’s home insurance policy covers their personal possessions.

Website director Alex Hasty says: “The ongoing cost-of-living crisis is placing a substantial strain on many people’s finances. As a result, many renters are having to cut back not only on certain luxuries, such as dining out, but also on critical expenses, like contents insurance, to help relieve the burden of soaring living costs.

“As household bills and inflation continue to rise, we understand that people will be looking to cut back on expenditure during this difficult time. However, not having cover on personal possessions within your rental property could be costly, should these items unfortunately be misplaced, stolen or damaged.

“To help people find a great deal on their home contents insurance, we encourage them to shop around online. We also suggest renters compare policies on existing bills, such as motor insurance, to mitigate broader financial pressures. Households could save an average of £150 if they switch to the cheapest motor and home insurance providers.”