Britons will spend more than £1.6 billion on their loved ones this Valentine’s Day, according to PayPal, with Direct Line predicting that £467 million of this will be spent on jewellery, so it recommends that the lucky recipients of expensive gifts ensure that they have adequate home insurance.

Each Brit will spend an average of £71.25, PayPal has said, with many turning to online shopping as the most convenient way of sourcing the right present. Those in a relationship will spend an average of £69.90, while singletons will spend even more to woo their loved ones – an average of £72.60. The highest spenders are single men and those aged between 25 and 34, while 36 per cent of Britons in a relationship will not give any presents this Valentine’s Day.

Cristina Hoole, spokeswoman for PayPal, said: “With Christmas only a few weeks behind us, millions will be hitting the shops en masse; however, one in five of us will choose to head online and avoid the crowds. Shopping online is not only often more convenient, but if you get it delivered to work then you’ll be able to keep the secret right up to the last minute!”

Direct Line is urging those who receive expensive gifts such as jewellery to protect the symbols of their loved one’s affections with the sufficient level of contents insurance.

The most likely day to receive jewellery, Valentine’s Day represents an opportunity for people to show their love, but it also presents thieves with ample opportunity to reap the benefits of the huge increased value in people’s homes, with £2.58 billion being banded around in engagement rings alone.

“Insurance is probably the last thing on most people’s mind when they are showering their loved ones with gifts on Valentine’s Day.” said Andrew Lowe, head of Direct Line Home Insurance. But “having the right cover in place could prevent heartache if the unthinkable happens and that precious item is lost or stolen.”

In response to the eight per cent of Brits who cannot afford to celebrate Valentine’s Day this year, uSwitch.com has provided some cheap alternatives, such as a weekend break in Hull, where the waterways can substitute those of Venice, making a saving of £81 a night. uSwitch also recommends switching utilities, such as gas and electricity, home phone tariffs, mobile phones, and broadband providers, which could save £1,500 a year to be spent on a romantic trip.

© Fair Investment Company Ltd