A third of homeowners and 80 percent of tenants haven't got themselves sufficiently covered when it comes to home insurance, according to the latest research from Halifax General Insurance.

Its figures show that out of 24.7m homes in the UK, 11.7 m either have inadequate cover for their home contents and belongings or no cover at all.

Tenants are the most at risk with 80 percent failing to adequately insure their TV's, video's, personal possessions and family heirlooms. Homeowners fare better but 33 percent are still leaving themselves exposed.

Last year Halifax paid out around 60 cases a week where the losses were more than £10,000. But the average cost of contents insurance is only £5 to £10 a month. It is highest in London where cover including accidental damage costs an average of £107 a year, next is Newcastle where it will cost £103.29. In Edinburgh the cost drops to £95.58 a year including accidental damage and £52.44 without.

However, with the average claim for flood damage topping £12,700, fire loss, £6,100, and theft, £920, households need to ask themselves whether they can afford to be without cover or underinsured.

Halifax General Insurance managing director Howard Posner said: "It's really easy for people to underestimate the value of their home contents. That's why it's important to have the safety net of contents insurance. But not all insurance policies offer the same level of cover. Halifax contents insurance is one of the few policies with an unlimited sum insured which means no policyholder is underinsured should the unexpected or worst happen."