A quarter of UK homes have no insurance covering their possessions, despite the cost falling to the lowest levels recorded by the Association of British Insurers (ABI) since 2012.
The findings show that the average cost of home contents insurance now stands at just £2.40 a week - less than the £4.40 that households typically spend on takeaways.
But cheap prices have failed to motivate enough people to get protected, with the ABI estimating that there are around six million homes without insurance covering their possessions.
"While the cost of home contents insurance is at an all-time low, too many households are still playing Russian roulette with their possessions," ABI senior policy adviser, Laura Hughes, said.
"But spend a few minutes totting up the value of all your possessions and you'll realise they can add up to a significant sum if they all need to be replaced at once."
At 45%, London is the area with highest percentage of households without home contents cover, while Northern Ireland has the lowest number of uninsured homes on 18%.
A breakdown of UK regions' percentage of households without home contents cover is shown below:
It was also found that the average price paid for buildings insurance fell by 8% to £258 last year, the lowest level recorded since 2015.
And although the average price for combined buildings and contents insurance rose slightly by around 1% to £307 last year, this was still the lowest figure seen by the ABI since 2012.
"In a highly competitive market, there are a range of specialist policies available to give you the cover you need at an affordable price," Hughes continued.
"Some housing associations and local authorities may offer cheaper home contents insurance, tailored to your needs and your budget."