One in ten homeowners frequently experience accidents when hosting drinks parties around Christmas yet two in five do not know whether they are covered under the terms of their home insurance.

A survey from home insurance provider Halifax has revealed that Brits can cause thousands of pounds of damage during house parties with the expense leaping during get-togethers over the Christmas and new-year period. Claims data from Halifax shows that the average cost for an accidental damage claim in December 2007 was £525.40, rising to £555.37 in January 2008.

So how do you know if you're insured or not?

The key is to review your policy as soon as possible and pay close attention to the limit that may be placed on the sum insured. Some policies have specific limits on single items and high-risk items so you should look for exclusions.

Most policies include accidental damage to items such as TVs, videos, audio and computer equipment but you may need to purchase further accidental damage cover as an additional optional extra. Also check the exclusions in the policy to see if there are any circumstances from which you are not protected - for example, if you have pets in your home are you covered for pet damage?

Of course it also makes sense to avoid accidents altogether - so take precautions before the partying begins. Store valuable and fragile items in safe places and avoid using naked flames such as candles near curtains and other flammable objects. Consider using plastic plates and cups so that expensive china does not break and make sure you don't invite more people into the house than you have room for.