Millions of consumers could be placing themselves at financial risk, it has been suggested.

According to the Fair Investment Company, many Britons may discover that the expensive gifts that they received over the Christmas period may not be covered by their insurance policy.

As a consequence, homeowners could face financial difficulties should they be a victim of burglary if they do not take the time to amend their cover, which in turn may put pressure on various demands on their spending that they are facing at this time of year, such as loans and credit and store cards.

Indeed, getting adequate insurance could well be advisable as the firm pointed to research by Halifax revealing that the average consumer spent some 384 pounds on gifts over the festive season. In addition, the firm noted research by Cornhill Direct indicating that an extra 2,200 pounds 48 pence worth of goods are in consumers' homes after the Christmas period.

Meanwhile, out of the three million privately-rented homes across Britain, just under three-quarters (72

per cent) of people lack home contents cover. With such consumers having more than 50 billion pounds of items in their properties, should they find that they have been a victim of burglary, replacing the likes of laptops and plasma screen televisions may impact upon their ability to meet various demands on their finances such as personal loans and credit cards.

James Caldwell, director for the Fair Investment Company, said: "Christmas is meant to be a time of enjoyment and these days, the gifts we give are more expensive than ever before. However the good times can quickly go bad if there is a breakage or, worse still, a burglary. The amount of money lost can really mount up, especially if you don't have a policy that covers all your new purchases."

"Winter time brings with it all sorts of concerns whether you are a homeowner or renter. With bad weather forecast, if you live in a flood risk area, home contents insurance is simply a must. Likewise, the risk of fires over the Christmas period is 50 per cent higher than at any other time of the year," Mr Caldwell added. The director also claimed that it is important that people shop around for cover, to ensure they get the most suitable policy for their needs.

For those who do not have an adequate insurance policy, a homeowner loan could be an advisable way in which to finance paying for repairs and replacing goods. Following spending in such areas, consumers may find it appropriate to use money left over from their loan to purchase comprehensive insurance cover.

Taking out a homeowner loan in which to improve the security capabilities of a home after the festive season could be particularly advisable. Research conducted by Zurich revealed that some 78 per cent of former burglars believe that properties are at their most vulnerable during the Christmas and new year period because people usually spend a lot of time away from their home, as they socialise with friends and family. Meanwhile, laptops, digital cameras and games consoles were put forward as the most likely items to be stolen.