Insurance warning before New Year's spending

Wednesday, December 28, 2005

The cost of throwing a New Year's Eve house party does not always undercut the amount spent on a night out, according to the latest research by Barclays Insurance Services.

In fact, when cleanup costs and damages are taken into account, along with the cost of buying drinks and party snacks, the cost of a New Year's house party can be pretty steep.

"A little bit of wear and tear is part and parcel of holding a party. However, as festive spirits are high and party-goers want to make sure the New Year starts with a bang, hosts may wake up with more than just a headache in the morning," said Adrian Grace, managing director of Barclays Insurance Services.

"By double-checking exactly what their home insurance covers them for and updating their contents insurance with any major Christmas gifts such as TVs, ornaments or jewellery, party hosts can relax and have a good time."

Barclays Insurance Services' investigation found that the average party thrower will spend over £275 on the festivities, something that will put a dent in any savings.

Six per cent of people are looking at a £400 bill for their New Year's Eve party as they welcome 2006.

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