The study also said that some 40% of households received warnings that their home insurance may be insufficient. 60% of households did not receive a warning from their insurance provider.

A fifth of households could not afford to pay more for insurance, the figures showed.

Those who are underinsured may not have the full coverage required for home repairs or rebuilds, leaving them vulnerable to large upfront fees.

According to BreakingNews.ie, Aviva’s Billy Shannon said the company had written to its customers to encourage them to check if they have adequate coverage.