British holidaymakers travel with an estimated £32 billion of luggage, yet only one in five are protected by the correct level of travel insurance, according to research by comparison site MoneySupermarket.

The survey revealed that 4 million people fail to take out any travel insurance at all. This leaves them at risk of losing their luggage, as well as offering no protection from medical emergencies. Research showed that two million Britons have lost their suitcase or had it stolen, or items from it, in the past.

Of those who did take out insurance, only one in five of those surveyed had the right level of protection for their belongings. A third were underinsured, and half, were over-insured.

Bob Atkinson, travel expert at MoneySupermarket, said: "When taking out a travel insurance policy to ensure your possessions are covered to an adequate level, you need to bear in mind any single item limits that might be listed and whether you have anything you intend to take with you that exceeds that."

Mr Atkinson said consumers should watch out for potentially expensive items such as mobile phones, cameras, jewellery and designer clothing, all of which could exceed the set lower limit of a policy.

Therefore a policy which covers expensive individual items would be more adequate, and it is recommended to be aware of any limits on the amount of cash covered by the policy.

Excess levels on travel insurance are important to look out for, to ensure that they are representative of the cover and aren't set too highly. Paying out a large upfront sum to put in a claim may result in the claim not being worthwhile in the end.

Mr Atkinson advised consumers to be diligent when buying: "Scour the small print of the insurance before you buy and remember the cheapest policy might not the best value for you, so really think about what you need so you can travel with peace of mind, should your holiday not turn out quite the way you planned."