The warning came from the Co-operative which said more than half of people had guessed important details when applying for home insurance.

Almost half (47%) failed to budget for home insurance entirely.

As a result, more than a quarter (28%) of people who have purchased a first home in the past five years do not have any home insurance policy.

The Co-op estimates around £1.5bn worth of property and contents have been left at risk.

One-in-ten people wrongly believed that comprehensive home insurance would cost less than £100 per year for a suitable policy.

More than two-fifths (41%) of people do not have any contents insurance in place, with almost half of these people either unable to afford the cost or unwilling to pay.

Caroline Hunter, head of home insurance at The Co-operative Insurance, said: “The research highlights not only a widespread confusion among first time buyers of all ages when it comes to assessing the type of home insurance they require for their property, but it also demonstrates that too many individuals have an inadequate level of cover or are leaving themselves exposed by purchasing insurance too late in the buying process, or worse, not at all.

“As many first-time buyers are likely to have previously rented a property, their landlord will have taken care of their buildings insurance and therefore, they may not be aware of their responsibility to have this in place when becoming a home-owner.

“While buying a house is a stressful time, we would urge people not to overlook their buildings and contents insurance and to make sure they provide the right detail when obtaining a quote, as not doing this can invalidate a policy.”