Research by Aviva showed the average property in the UK is a three-bedroom semi-detached house with one bathroom, built in the 1930s and owned with a mortgage.

It found that 28% of people feel emotionally attached to their home with more than half (55%) eager to make improvements to the property.

The installation of a new kitchen was the most desired change, the insurance firm found.

However, it pointed to a lack of insurance by many homeowners – something which could put their property in jeopardy if they were to lose their job.

It found more than 92% of people did not have any income protection cover, 89% had no policy against critical illness and 65% of people went without life insurance.

Across England some 31% of homeowners have no contents insurance in place. With the average home housing £35,486 of contents, this means as much as £139.6bn worth of possessions are unprotected against theft.

Louise Colley, managing director of protection at Aviva, said homeowners were leaving themselves exposed by failing to insure their homes and contents.

“Whether it’s the average 1930s semi, or something else entirely, Aviva’s research confirms that British families have an emotional attachment to their homes,” she said.

“They also own over £30,000 worth of belongings, with the value accumulating over their lifetime.

“However, a significant proportion are failing to keep not just their homes and valued possessions protected, but also themselves. Not having appropriate insurance leaves families at risk of falling into debt – or worse, losing their homes – should the main breadwinner become unable to work. We’d urge every family to check their financial foundations to assure themselves they are secure and protected against all eventualities.”