Sixteen million people in the UK have no contents insurance and have little in savings to replace damaged or stolen household items, a report has said.
The majority are tenants, with particular concern over a lack of cover for those in social housing, the Financial Inclusion Commission said.
The group of MPs, peers and charities found that 60% of those earning £15,000 or less a year had no contents cover.
One solution could be including insurance automatically with rent.
The insurance industry suggests that there has been low take-up of these kinds of schemes when trialled in the past.
The commission said that only a quarter of those in social housing had enough in savings to replace a washing machine.
Those on lower incomes were also at greater risk of burglary, arson and flooding than the average household.
Yet,the commission found that many struggled to secure appropriate, affordable insurance cover and did not trust the insurance industry.
Options included automatically signing up social tenants for contents insurance, but giving them the chance to opt out. Other recommendations included projects to improve understanding of the insurance sector.
Sir Sherard Cowper-Coles, who chairs the commission, said: "The findings in this report are a reminder of the challenge we face in furthering financial inclusion.
"For many, insurance is an unaffordable or unobtainable safety net. Government must push for a strategy that widens access to quality cover, so that everyone has immediate access to a capital buffer in case of loss."