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? And, perhaps more importantly, how much will you be spending?
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. The survey found that 78% of respondents are choosing to stay at home this year, up from 73% in 2015, with 27% wanting a cosy night in with their partner (up from 24%). A further 7% will host or attend a dinner party and the same amount will see in the New Year at a house party, while 17% will forego the socialising altogether.
As for how much they'll be spending? Well, the cost could be similar no matter what you do: the survey revealed that those looking to host a party at home are expecting to spend an average of £111, while those heading out to a pub, club or restaurant will spend an average of £107 each. If you'll be hosting at home, have you considered the potential extra costs?
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, 13% of party hosts experienced damage to their home at their last New Year's Eve party, and it cost them an extra £71 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 mishaps last year were food or drink spillages (44%), broken crockery (27%) and damaged furniture or technology (35%), 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!
"New Year's Eve will see 40 million people across the UK opting for a Big Night In, rather than planning a night out for when the clock strikes midnight," said Rob Clarkson, managing director of Post Office Money Insurance.
"However, celebrating at home isn't without its pitfalls. Our research has shown damages can be significantly more than your average night out would cost. Anyone considering hosting a party should be sure that they are properly covered for accidental damage to avoid starting 2017 facing a hefty repair bill.
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