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Although having a 'don't care less' might mean that homeowners have one less concern to worry about when renewing their home and contents insurance policy, this may well leave them with further monetary issues.

In a recent study carried out by Tescocompare it was indicated that just under two-thirds (64 per cent) of Britons reached the decision to opt with their current building and contents insurance provider when they were last required to renew their premium. Such a proportion comes despite almost 44 per cent of People facing an increase in the cost of their property insurance policy. Furthermore, it was indicated around four million of such people have witnessed their premiums go up at a faster rate than that of inflation. Meanwhile, the price comparison website indicated that with the typical insurance policy worth some 283 pounds, had those approaching the renewal of their premium opted to switch for a cheaper policy then they would have collectively saved some 26 million pounds.

The study by Tescocompare also indicated that only a little more than a fifth (22 per cent) of people interviewed who were facing a price hike above the rate of inflation considered switching supplier. Out of these people, only eight per cent found that they were unable to get get the same level of cover for less money.

On top of paying out higher amounts of cash than is necessary for a home insurance policy, it could be possible that consumers find that they are developing difficulties in managing additional constraints on their expenditure. Such areas may well include credit and store cards, loans, mortgage repayments and household bills.

It is also quite plausible that a large number of people are willing to place themselves under additional financial pressures. Of those who decided to stay with their provider, nearly half feel that they had plenty of time to find an alternative supplier ahead of being hit with a price reinforce although they finally ended up staying where they were.

Paul Baxter, spokesman for Tescocompare, remarked "The message behind this research is clear - many millions sleepwalk through their insurance renewal allowing their insurer to increase premiums unchallenged. Regardless of how loyal you are to your current home and contents insurer - you should shop around at each renewal to make sure you get the cheapest and most appropriate insurance for you."

For those consumers looking to carry out repairs to their house or buy major domestic items - fridges, settees and ovens for example - taking out a cheap loan might be a recommended course of action. The additional financial assistance that a cheap loan brings could also help borrowers to take out a comprehensive home insurance policy which is also competitively priced to ensure that such things are covered.

A loan may also be of help for people wishing to insure their pets. In a new piece of research Sainsbury's Finance indicated that 11 million Consumers do not have cover for their cat or dog, with around 4.6 million of such consumers believing such a premium is not important. Meantime, should people not have insurance for their animal they may have to dig into their savings should their four-legged friend fall ill, with the average bill for vet treatment shown to cost about 300 pounds.