Home insurance Updated:
Christmas may have been and gone, but there's another celebration that's hot on its heels: New Year's Eve! The question is, where will you be celebrating? Or, perhaps more importantly, how much will you be spending?
Big night in
According to research from Post Office Money, the trend for having a Big Night In is continuing, with more and more people choosing to shun the queues of the town centres and stay tucked up indoors instead.
But, this doesn't mean that they'll be in bed by 10pm – 73% of respondents are choosing to stay at home this year, with 24% wanting a cosy night in with their partner, while 7% will host or attend a dinner party and the same amount will see in the New Year at a house party.
As for how much they'll be spending? Well, the survey revealed that those looking to host a dinner party are expecting to spend an average of £116, while those hosting a house party will spend £50. In comparison, those heading out to a pub, club or restaurant will spend an average of £96 each.
There's no denying that hosting a party at home can be great fun, but it can also come with repercussions – often financial ones. For example, 10% of party hosts experienced damage to their home at their last New Year's Eve party, and it cost them an average of £143 to rectify things, which means that the real cost of staying in could be significantly higher than heading out (for the host at least).
The most common mishap last year was food or drink spillages (59%), broken crockery (41%) and damaged furniture or technology (49%), which highlights the importance of being prepared – not only should you make sure your home insurance is up to scratch to cope with any mishaps, but you should ideally include a contingency fund in your party budget so you'll have the cash available to fix things!
"This year 37 million people across the UK are opting to celebrate New Year's Eve at their own or a friend or family's home," said Rob Clarkson, managing director Post Office Money Insurance. "People might think staying in will save them money, but in many cases quite the opposite is true, particularly if you're having friends and family round.
"Celebrating at home isn't without risks. Our research has shown damages can be significantly more than your average night out would cost, so any homeowners or renters considering hosting a party should be sure that they are properly covered for accidental damage to avoid starting 2016 facing a hefty repair bill."
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