People living alone are significantly less likely to insure their homes or take out life cover than those living with partners or children, according to new research from Yorkshire Building Society.

The mutual found that living arrangements play a decisive role in whether people protect themselves against financial shocks, with those sharing a household far more likely to have insurance in place than single occupants.

Its survey of 10,000 people showed that nearly three quarters of those living with a spouse have home insurance, compared with just over half of people who live alone.

Parents with children under 18 were the most likely to hold life insurance, while fewer than one in five single adults have any cover.

The Yorkshire said the findings underline how living with others often prompts people to protect one another financially, while those on their own may be more exposed to unexpected costs arising from serious illness, loss of income or damage to their home.

The Society pointed to its earlier research, which found that cost was the main reason cited by almost a third of people without home insurance. In response, it introduced commission-free life and home insurance in partnership with Uinsure and LifeSearch, a move it said has already helped members collectively save more than £2m.

Tina Hughes, director of savings and digital at Yorkshire Building Society, said: “It’s natural to want to protect the people you love, but we also want to encourage those who live alone to think about protecting themselves too. Peace of mind shouldn’t depend on your relationship status.

“Living on your own can mean a heavier financial burden, with no one to share the rent, mortgage or energy bills. Nearly half of people living alone don’t have home insurance, and with one-person households expected to rise by 20% over the next few years, that’s a growing concern.

“Insurance can feel like an easy cost to cut but it’s what protects you from financial difficulty when life takes an unexpected turn. And without a partner’s income to fall back on, that protection can be even more important.

“We know cost and complexity put people off, which is why we introduced our zero-commission insurance. It passes every penny of savings back to our customers, helping give everyone – not just couples and families – affordable peace of mind.”