High Networth

Many of us have attics, garages, or spare rooms filled with forgotten items and family heirlooms. The concept of “cash in the attic” taps into the idea that these neglected spaces might hold hidden treasures of significant value. This notion isn’t just a fanciful thought but a reality for many who have discovered that old possessions can be worth a small fortune.

How to Understand the Value of Your Items

Often, we overlook the potential value of items inherited or collected over the years. Antique furniture, vintage jewellery, rare books, and even old toys can hold considerable worth. The key to uncovering this hidden wealth lies in proper appraisal. Professional valuation services can assess the true market value of your items, helping you understand their value and the best way to protect and manage these assets.

The Benefits of a Professional Appraiser

Engaging a professional appraiser ensures that every item is carefully examined and accurately valued. This process can reveal the historical significance, rarity, and market demand for each piece. An accurate appraisal not only satisfies curiosity but is also crucial for insurance purposes.

Examples of Valuable Items to Look Out For

• Antique Furniture: Pieces from specific periods or crafted by notable makers. An old, intricately designed chair or table might be more valuable than you think.
• Vintage Jewellery: Items made from precious metals and stones or unique designs. A seemingly ordinary brooch could be a rare designer piece worth thousands.
• Rare Books: First editions, signed copies, or historically significant texts. That dusty book collection could contain a rare edition that collectors would pay a premium for.
• Old Toys: Collectibles, especially in good condition and from popular eras. Original action figures or dolls in mint condition are highly sought after.
• Artwork: Paintings, drawings, or prints that might be rare or by renowned artists. Even an unassuming sketch could turn out to be a valuable piece of art.

Discovering valuable items can be an emotional journey, connecting us to our past and the stories of previous generations. It’s a unique way of preserving heritage while potentially reaping financial benefits. In some cases, what seems like a dusty old painting or a tarnished piece of silver could be a collector’s dream.

Understanding Provenance

Beyond the monetary aspect, the process of uncovering and valuing these items can lead to fascinating historical discoveries. Items that have been passed down through generations may have stories attached to them that are worth exploring. Understanding the provenance of an item can increase its value and make the selling process smoother.

Ultimately, “cash in the attic” reminds us that treasures can be found where we least expect them. By taking the time to explore and appraise our stored belongings, we might not only find financial gain but also a deeper appreciation for the history and memories embedded in these items. Taking a fresh look at what we own and seeking professional guidance can unlock hidden value and provide a sense of fulfilment and connection to our heritage.

Get in touch

If you have any concerns or queries on your insurance cover please don’t hesitate to speak to us.
You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk

In the world of insurance and asset protection, valuations are a key topic of discussion. But what exactly is a valuation, and why is it so important?

What is a Valuation?

A valuation is an expert assessment of the value of an item, carried out by a professional with extensive experience and specialised training. This expert will consider various factors including the current market value, condition, provenance, and material of the item. The result is a “Retail Replacement” value, which represents the cost to replace the item with a similar one in the event of a loss.

Why are Valuations Important

• Accurate Insurance Coverage: The primary purpose of a valuation is to ensure that your valuables are insured for their true worth. This prevents the risk of underinsurance, which can lead to significant financial loss if an item is damaged or stolen.
• Claims Settlement: In the unfortunate event of a loss, a professional valuation provides solid evidence to support a full claims settlement, ensuring you receive the appropriate compensation.
• Estate Planning and Inheritance: Valuations are also useful for making wills and understanding the value of inherited items.
• Market Insight: Regular valuations provide insights into the current market value of your items, which can fluctuate significantly over time.

How Often Should Watches and Jewellery Be Valued?

The frequency of updating valuations depends on the item to be valued and market conditions. For example:

• Luxury Watches: Given the volatile nature of the luxury watch market, an annual valuation is advisable.
• Jewellery: Jewellery should be revalued every two years to ensure it is not underinsured due to rising market values.

What is Underinsurance?

Underinsurance occurs when an item is insured for less than its replacement cost. This often happens due to outdated valuations or incorrect initial assessments. In the event of a claim, underinsurance can result in receiving a much lower payout than needed to replace the item or less than you would need for an item to be repaired or restored.

How to Avoid Underinsurance

• Regular Updates: Ensure your valuations are updated regularly, considering market changes and the specific type of item.
• Professional Advice: Consult with professional valuers who have the necessary expertise and can provide comprehensive valuation reports.

Choosing a Professional Valuer

When selecting a valuer, consider the following:

• Expertise and Training: Ensure the valuer has specialised knowledge relevant to your items.
• Professional Indemnity Insurance: Verify that the valuer has adequate insurance coverage.
• Reputation and Reviews: Look for valuers with a strong reputation and positive reviews.

Regular valuations are essential for protecting your valuable assets, ensuring your insurance cover is right, and providing you with peace of mind. By staying informed and proactive about valuations, you can safeguard your possessions and be prepared for any eventuality.

Get in touch

If you have any concerns or queries please don’t hesitate to speak to us.
You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk

Whether you’re renovating the entire house, updating your kitchen or installing a new home cinema, here are three things you’ll want to do before you get started.

1. Get into the Details

Your project may seem quick and easy, but before you get started, make sure you’ve gone through the details:

How to plan a home improvement project:

• What’s the goal of the project? If you want to increase the resale value of the home, make sure you don’t add so many expensive improvements that you can’t recoup the cost.
• Will you need a permit or a specialist to help? Even do-it-yourselfers often need experts – plumbers, electricians – and many seemingly small projects need permits as well.

2. Find the Right Contractor

One of the best ways to find a contractor you can trust is to ask friends or family for recommendations.

Questions to Ask a Contractor for Home Improvements

If you’re not sure the contractor is the right one for your job, ask questions:

• What kinds of projects do you specialise in?
• Do you use subcontractors, and if so, how are they chosen?
• Can you provide proof of insurance to protect you and your other workers?
• Do you have customer references?
• Are you contracted to ensure the job is completed on time?
• Can I see your “certificate of liability” to make sure your insurance limits are high enough for my project?

3. Review the Remodelling Contract

Always make sure you understand and are comfortable with the remodelling contract provided by your contractor before you proceed with the project. You may even want to have a solicitor/lawyer look it over, to make sure it is clear and covers what you need. For example, make sure your contract does not contain a section on “waiving your right to subrogation.” If the contractor is negligent, and you had signed a waiver like this, you couldn’t recover your losses from a third party if you needed to take legal action against them.

What Should a Home Improvement Contract Include?

Here’s what a contract should include (at a minimum):

• The details of the project
• Start and end dates, including interim dates for multi-phase projects
• Information about permits, licenses and inspections, and who will be responsible for obtaining them
• Payment amounts and due dates, warranties and guarantees – experts recommend never paying more than one-third of the total project cost up front. Check with your local government for their regulations.

In today’s environment, securing your home and business from intruders and fire threats is paramount. A wide range of security solutions is available to ensure high-quality protection for your premises.

In this post, we look at the different types of security, alarm and fire detection systems and what to consider when making your choice.

What Types of Security Solutions are Available:

• Intruder and Fire Alarms: Modern systems are designed to safeguard against burglaries, duress, fire, and carbon monoxide.
• CCTV and Access Control: Advanced surveillance systems, access control, and intercom systems help maintain strict security protocols.
• Security Lighting and Doors: Implementing security lighting and reinforced doors add layers of resistance.
• Safes and Vaults: Both standard and luxury safes, vaults, and panic rooms are available to ensure valuable items are securely stored.

Providers that are NSI Gold and BAFE approved reflect a commitment to high standards. Businesses with years of experience and a focus on quality service tend to deliver exceptional security solutions tailored to high-net-worth clients.

Types of Intruder Alarm Systems:

• Detection Methods: Utilising window/door contacts, motion sensors, and vibration detectors, these alarms are highly effective. Wireless systems operate on an independent, encrypted frequency, ensuring uninterrupted protection.
• Alert Systems: Options include “bells only” systems that offer audible warnings and app-based systems providing push notifications. Centrally monitored alarms connect to an Alarm Receiving Centre (ARC) for immediate response from keyholders or emergency services.

Upcoming Changes and Solutions to be Aware of:

• BT All IP by 2027: The shift to fibre optic networks requires updating alarm monitoring equipment. Traditional landlines will be phased out, affecting communication between alarms and ARCs.
• BT Redcare Transition: With BT Redcare ceasing operations by August 2025, clients must switch to next-generation products or reputable alternatives like CSL DualCom.

Fire Detection System Considerations:

• Fire Alarms: From basic DIY smoke detectors to comprehensive BS5839 Part 6 Grade A systems, modern solutions cater to varying needs. Centrally monitored systems ensure prompt response, mitigating fire damage.

Safe Standards and Grading:

• Safe Ratings: Safes are rated based on cash and jewellery storage capacity, with higher grades offering more security. Proper installation and integration into the overall security system are crucial.

Emphasising proactive measures and timely updates ensures continuous protection. For detailed guidance and to explore these services, visit the comprehensive security solutions guide from Premier Security.

Invest in comprehensive security solutions to safeguard your valuable assets and ensure peace of mind.

Get in touch

If you have any concerns or queries please don’t hesitate to speak to us.
You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk

Recent spikes in luxury car thefts highlight the increasing risk owners face. The rising threat of luxury car thefts requires owners to be vigilant and proactive. In this post, we explore why luxury vehicles are being targeted and what you can do to protect your vehicle.

Why Is Luxury Car Theft Increasing?

High-value vehicles are attractive not only for their monetary worth but also for their advanced technology and desirable parts, which can fetch significant sums on the black market. This trend is alarming, as it indicates a growing sophistication among thieves who target these vehicles.

Consequences of Luxury Car Theft

The consequences of luxury car theft extend beyond financial loss. The emotional impact and inconvenience of dealing with insurance claims and the replacement process can be daunting. Moreover, stolen vehicles are often used in further criminal activities, compounding the owner’s distress. The theft of a luxury car disrupts the owner’s life, causing significant emotional and logistical upheaval.

How to Protect Your High Value Car from Theft

To mitigate the risk of theft, luxury car owners should consider implementing these three key steps:

1. Enhanced Security Systems:Investing in advanced security measures such as GPS tracking, alarm systems, and immobilisers can deter thieves. Modern security systems can alert owners and authorities in real-time, increasing the chances of recovery. Some systems even offer remote shutdown capabilities, which can prevent the car from being driven away once stolen.
2. Secure Parking:Always park in well-lit, secure areas. Whenever possible, use garages with surveillance systems or monitored parking facilities. At home, install security cameras and motion sensor lights to deter potential thieves. Secure parking not only makes it harder for thieves to access the vehicle but also increases the likelihood of their detection.
3. Smart Key Management:Thieves can exploit keyless entry systems through relay attacks. To prevent this, keep key fobs in signal-blocking pouches (Faraday pouches) and avoid leaving them near entry points at home. Additionally, consider disabling keyless entry when not needed or using additional authentication methods.

By taking these proactive measures, luxury car owners can significantly reduce the risk of theft and protect their valuable investments. Investing in enhanced security systems provides a robust first line of defence, making it challenging for thieves to access and steal the vehicle. Secure parking practices further protect the car by ensuring it is kept in a safe environment. Smart key management prevents sophisticated relay attacks, ensuring that keyless entry systems do not become a vulnerability.

Implementing comprehensive security measures can provide peace of mind and ensure that luxury car owners retain the enjoyment of their prized possessions without the constant worry of theft. By staying informed and prepared, owners can safeguard their vehicles against increasingly sophisticated criminal tactics.

Get in touch

If you have any concerns or queries please don’t hesitate to speak to us.
You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk

Homeownership is a dream for many, but with it comes a host of myths that can mislead even the savviest individuals. Let’s unravel some of the most common misconceptions to help you make more informed decisions about your home.

Myth 1: Renovations Always Increase Home Value

Many homeowners believe that any renovation will automatically boost their property’s market value. While improvements can improve your home and make it more comfortable to live in and more appealing to potential buyers, not all renovations guarantee a return on investment.

High-end kitchen remodels, luxury bathroom upgrades and even extending your home might not always increase the value by as much as you think.

How to Find Out If Renovations Will Increase Property Value

Research other properties in your area to look at the ceiling price for homes of your type or speak with an estate agent to ensure what your planning on doing will increase the value.

Myth 2: DIY Saves Money

The allure of DIY projects is strong, with countless TV shows and online tutorials suggesting significant savings. However, tackling complex tasks without proper skills can lead to costly mistakes and potential safety hazards. Sometimes, hiring professionals can be more economical in the long run, ensuring the job is done correctly and safely.

Myth 3: New Homes Are Maintenance-Free

A common belief is that new homes require little to no maintenance. While modern constructions are built to higher standards, they are not immune to wear and tear. Regular upkeep is necessary to prevent minor issues from becoming major problems. Ignoring maintenance can lead to expensive repairs down the line, regardless of the home’s age.

Myth 4: All Home Improvements Are Covered by Insurance

Not all home improvements are automatically covered by standard home insurance policies. Significant changes, such as adding a swimming pool or an extension, may require additional cover. It’s important to review your insurance policy and consult with your provider to ensure your improvements are protected.

Myth 5: Green Homes Are Expensive

Sustainable and energy-efficient homes are often perceived as costly investments. However, many green improvements, like energy-efficient windows or solar panels, can lead to substantial savings on utility bills over time. Moreover, government incentives and rebates can offset initial costs, making green upgrades more affordable.

Myth 6: Builders Have Adequate Insurance

Another critical myth is the assumption that your builders’ insurance will cover any issues that arise during construction. While reputable builders should have their own insurance, it’s essential not to rely solely on their cover.

Homeowners should secure their own renovation insurance to protect against potential liabilities and defects that may not be covered by the builder’s policy. This proactive step ensures comprehensive cover, safeguarding your investment and providing peace of mind.

How to Protect Yourself Against Unforeseen Issues

Understanding the realities behind these common myths can empower homeowners to make better decisions. Whether you’re considering a renovation, maintenance, or an upgrade, thorough research and professional advice are key to maximising your home’s potential and ensuring long-term satisfaction. Additionally, ensuring adequate insurance cover—both personal and through your contractors—is crucial to protect against unforeseen issues and financial losses.

We are here to help you. If you have any questions call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk

If you use a vehicle tracker it is very important to keep your tracking subscriptions up to date. A subscription that is overdue could affect the terms of your motor insurance policy.

Can an Expired Tracking Subscriptions Invalidate Insurance?

Unfortunately, we’ve been notified of cases where claims for stolen vehicles have been declined because tracker subscriptions have been allowed to expire. This meant they were in breach of their policy terms.

If your policy schedule includes a vehicle tracker requirement endorsement, then your insurer will require all relevant subscriptions to be paid up to date and for the tracker to be operational at the time of loss.

Why Do Insurers Require Vehicle Tracking?

Vehicle tracker systems offer a layer of physical protection that can help owners protect one of their largest assets. Many insurers require trackers to be installed and active on high-value vehicles, especially those which are kept in areas where vehicle thefts are common.

Most vehicle tracker systems will require an annual subscription. This fee covers the cost of providing a 24/7/365 monitoring service, which would alert the owner if the vehicle were stolen. Without this monitoring provision, a vehicle may be stolen, and the owner may not be aware until they notice the vehicle is no longer where they left it. By this time, it could be too late to successfully track the vehicle.

If you have any questions regarding your vehicle tracker requirements or how we can help you with high value car insurance, get in touch with us today. You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk.

BT have taken the decision to withdraw their Redcare alarm signalling service with effect from 1 August 2025.

What To Do If You Use BT Redcare?

If you are affected by this move, you will need to find an alternative solution before next summer, particularly if there is a clause in your insurance contract requiring you to have an alarm system in place.

When looking at alternatives it’s important to select a replacement service that provides a like for like performance level.

Single Path vs Dual Path Alarm Systems

Insurance approved and certified alarm transmission systems are categorised as either single path (SP) or dual path (DP) and will also be attributed a category, typically 1-4 for dual path systems, with systems noted as SP3, DP2 etc. A comparable system to the Redcare GSM system would need to reflect a dual path transmission system meeting a minimum of category 3 (DP3).

Replacing Your System with a Dual Path System

There are a limited number of alternative suppliers, but any dual path Alarm Transmission System with performance level DP3 certificated to BSEN50136-1:2012 should be acceptable to most insurers, as a like-for-like replacement.

We are aware of instances where Redcare’s Classic alarm transmission system has been replaced by a single path category 2 (SP2) notification, which is not considered a comparable product. It’s important that suitable transmission systems are installed in place of the outgoing Redcare products, where equivalent standards are met, or exceeded.

If you are affected by this, we would highly recommend that you act quickly as we anticipate product shortages and installation delays as we get close to the August 2025 deadline.

How to Find a Replacement System for BT Redcare

It is important that the replacement service you choose:

1. Is installed by a company regulated by the National Security Inspectorate (NSI) which incorporates the National Approval Council for Security Systems (NACOSS) or a company regulated by the Security Systems and Alarm Inspection Board (SSAIB)
2. Will be maintained in full working order under an annual maintenance contract, with an appropriate alarm maintenance company, or installer regulated by the National Security Inspectorate (NSI) which incorporates the National Approval Council for Security Systems (NACOSS) or a company regulated by the Security Systems and Alarm Inspection Board (SSAIB). Your insurer may require evidence of the maintenance agreement in the event of a claim.

If you are unsure regarding the suitability of a new system, please do not hesitate to contact us, before entering into a new agreement, so that we can seek approval from insurers on your behalf.

You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk