Are you wasting £1000's on insurance policies you don't need?

According to a new book by consumer organisation, Brits are wasting thousands of pounds on insurances they don't need.

While home insurance is a must assuming that you could not afford to replace the structure and contents of your home, mobile phone insurance and extended warranties, simply don't make sense. So how does each type of cover work?

Home insurance is divided into buildings insurance and contents. Buildings insurance is compulsory if you have a mortgage although you are not obliged to buy it from your mortgage lender shopping around will work out cheaper. Contents insurance will cover you if you get burgled or your possessions are damaged in a fire or flood there's no legal obligation to have it but it's a good idea if you wouldnt be able afford to replace everything.