Insights

Home renovation, Apartment room during refurbishment

Debunking Common Home Buying and Improvement Myths
Debunking Common Home Buying and Improvement Myths 1000 667 James Hallam

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

Yacht club and marina

Agreed Value vs Market Value for Boat Insurance
Agreed Value vs Market Value for Boat Insurance 650 433 James Hallam

Ensuring you have the right insurance coverage is crucial. Many marine traders, boat owners and even some insurance brokers may not fully understand the intricacies of their marine insurance policies, particularly when it comes to the marine section.

In this post, we take a look at key components of marine insurance, specifically the basis of cover, helping you to determine whether you are adequately covered or your client has adequate cover under their marine section.

What Types of Marine Cover Is There?

Marine insurance policies typically offer two main types of cover for your boats, vessels, or watercraft: Agreed Value and Market Value. Understanding the differences between these can help you make an informed decision about your coverage.

Agreed Value vs Market Value

Agreed value and market value policies differ on how and when the value of your vessel is made. In brief, agreed value policies set the value of your boat and watercraft at the beginning of your policy, while market value policies set the value of your vessel at the time of the loss.

Next, we look at each type of policy in more detail and the advantages and disadvantages of each.

Agreed Value Cover

Under an Agreed Value policy, the insurer and the insured agree on the value of the vessel at the start of the policy. This agreed value is based on the insured having a financial interest in the amount, supported by evidence provided in the event of a claim.

  • Advantages: In the event of a total loss, you receive the agreed amount, which can provide peace of mind knowing exactly what payout to expect.
  • Disadvantages: These policies can sometimes be more expensive, as the agreed value might be higher than the current market value over time.
    Your financial interest may be lower than the actual market value of your Vessel.

Market Value Cover

Market Value policies, on the other hand, work similarly to property market value. The payout is based on the vessel’s market value at the time of the loss.

  • Advantages: Premiums for market value policies can be lower, as they reflect the depreciating value of the vessel.
  • Disadvantages: If the vessel is undervalued, you may not receive enough to replace or repair it fully, and the principle of average may apply. This means if you are underinsured, any claim payment could be reduced in proportion to the amount of underinsurance. Therefore, the question should be asked at the start of a policy or renewal of the insurance contract, “What is the current value of your vessel, and explain the implications of ‘average’.

The Impact of Inflation and Rising Costs

With inflation driving up the costs of goods, services, and labour, ensuring that your insurance cover keeps pace with these increases is vital. If your policy’s sums insured have not been updated to reflect current values, you might find yourself underinsured. This can have significant financial implications, especially in the event of a total loss or major damage. As inflation has soared over the past few years, has the value of your Vessels changed? Could you replace the Vessel in the event of a total loss for the amount noted on the Policy Schedule.

Making Sure You Have Adequate Insurance Cover

To ensure you are adequately covered, consider the following steps:

  1. Review and Update Regularly: Regularly review your policy and update the sums insured to reflect current market values and replacement costs.
  2. Provide Accurate Information: Ensure all information provided to your insurer is accurate and up-to-date. This includes the value of your vessel and any modifications or additions.
  3. Consult with Experts: Engage with insurance brokers or consultants who specialise in marine trades insurance. Their expertise can help you navigate the complexities of your policy and ensure you have the right cover.
  4. Obtain an Up to Date Valuation
    In the event that you are unsure of the Value of your Vessel(s), it is always a good idea to obtain an up to date valuation from a marine professional.

Having the correct marine insurance cover is your financial safeguard. Whether you choose Agreed Value or Market Value cover, understanding the nuances of your policy can prevent unpleasant surprises in the event of a claim. As costs rise and the market evolves, regular reviews and updates to your insurance cover are essential to maintaining adequate protection.

Get In Touch to Discuss Your Insurance Requirements

If you are unsure about the adequacy of your marine insurance coverage, now is the time to consult with your broker or a specialist. Ensure your policy is up-to-date and reflective of current values to secure peace of mind and financial security for your marine business.

Call us on 020 3148 9540 or email info@everardinsurance.co.uk

car tracker

How Expired Vehicle Tracking Subscriptions Can Affect Motor Insurance
How Expired Vehicle Tracking Subscriptions Can Affect Motor Insurance 1200 800 James Hallam

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.

home security

BT Redcare Set to Close by August 2025: How to Find an Alternative System
BT Redcare Set to Close by August 2025: How to Find an Alternative System 1000 667 James Hallam

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

ReBuild Cost Assessment
ReBuild Cost Assessment 1920 1280 James Hallam
Don’t fall victim to underinsurance, we can help

We’ve all seen the rise in building costs reported in the press, with building materials and labour at an all time high, but have you considered the effect this could have on your buildings insurance? How can you make sure you don’t suffer the consequences of underinsurance?  The only reliable way to do this is use a ‘Regulated by RICS’ property professional.

James Hallam can help

We are working with RebuildCostASSESSMENT.com, the UK’s affordable and professional provider of buildings insurance valuations. They will calculate how much your building would cost to completely rebuild without even visiting your property.

They can produce a reliable and perhaps more importantly, an insurance industry trusted assessment of your building’s rebuild cost. We are pleased to offer the discounted price of £160 per property to all James Hallam customers.

To take advantage of this offer contact your James Hallam client manager or call 0330 024 0755.

Put your buildings insurance right by arranging a Rebuild Cost Assessment today.

 

IMPORTANT NOTICE

James Hallam Limited will introduce customers to RebuildCostASSESSMENT.com who provide a rebuilding cost valuation service. This service is not regulated by the FCA and therefore does not benefit from the protection offered by FOS or the FSCS.

This service does not apply to Grade 1 and Grade A properties. Grade 2 properties can be valued however we would recommend an on-site survey as certain materials or characteristics of a property may not be evident digitally.

Don’t fall victim to underinsurance. We can help.
Don’t fall victim to underinsurance. We can help. 1920 1280 James Hallam
We’ve all seen the rise in building costs reported in the press, with building materials and labour at an all time high, but have you considered the effect this could have on your buildings insurance?

79%

Underinsured
79% of the UK properties are underinsured. This can severly reduce the amount paid out following a property damage claim.

14%

Overinsured
14% of UK properties are overinsured. If this is you, you are paying more than you need to for your insurance.

How can you make sure you don’t suffer the consequences of underinsurance?

The only reliable way to do this is use a ‘Regulated by RICS’ property professional. James Hallam can help

We are working with RebuildCostASSESSMENT.com, the UK’s affordable and professional provider of buildings insurance valuations. They will calculate how much your building would cost to completely rebuild without even visiting your property.

They can produce a reliable and perhaps more importantly, an insurance industry trusted assessment of your building’s rebuild cost.

We are pleased to offer the discounted price of £160 per property to all James Hallam customers.

To take advantage of this offer contact your James Hallam client manager or call 0330 024 0755

Put your buildings insurance right by arranging a Rebuild Cost Assessment today.

IMPORTANT NOTICE
James Hallam Limited will introduce customers to RebuildCostASSESSMENT.com who provide a rebuilding cost valuation service. This service is not regulated by the FCA and therefore does not benefit from the protection offered by FOS or the FSCS.

This service does not apply to Grade 1 and Grade A properties. Grade 2 properties can be valued however we would recommend an on-site survey as certain materials or characteristics of a property may not be evident digitally.

Preparing your holiday home for the high season – your contents checklist
Preparing your holiday home for the high season – your contents checklist 1920 1280 James Hallam

With another busy season ahead, if you have a holiday home – in the UK or abroad – that you let out to guests, it’s a good idea to make sure you’ve taken stock of all your contents so that you can make sure nothing goes missing and that you can keep an eye on the condition of your furniture and other items over the course of the year. It will also help you to make sure you have the right levels of contents insurance in place.

Why create a contents check list for your holiday home?

If you regularly let out your holiday home, your contents are likely to get a lot more use, and therefore wear and tear. With a checklist, you can make notes on the condition of your contents at regular intervals, meaning you can keep track of damage deposits and make sure your guests are more careful with your things.

Your checklist is also a great way of showing your holiday homes extra features and benefits to your guests – even if that’s just as an aide memoire for you to use when you are marketing your property.

What to include on your holiday home contents checklist

As well as listing each of your contents, it’s a great idea to include some notes on each of the items, including any features and existing damage. You could include the cost or worth of each item on your personal copy. Photographs are also a great addition, especially if you need to make an insurance claim.

Your checklist will be easier to manage if you separate it into zones – living, sleeping, kitchen, bathroom and outdoor. Remember to include the smaller items, as well as larger and more expensive items, as well as fire alarms, extinguishers, hose pipes outside, etc.

How often should you check the list?

It’s probably not feasible to run through your checklist between every let, but it’s a good idea to schedule in a full inspection every quarter, or at least every six months.

Hygiene is top of the agenda for holiday lets, hostels, hotels and any other accommodation that checks guests in and out regularly. It always has been. But now, more than ever your customers will be looking for good hygiene measures to be in place.

If you’re looking for insurance options for your holiday home, or if you’re looking to buy a property abroad and want to check what cover is available, contact our Private Clients team on 020 7977 7846 or PCL@jameshallam.co.uk.

Protecting your Workforce
Protecting your Workforce 1920 1280 James Hallam

It has been widely reported that staff are fleeing the hospitality industry, following the uncertainty of Covid, Brexit and long working hours. Protecting your staff will always have been a priority, but now holding on to a good loyal team is more important than ever.

Everyone has the right to feel safe in their working environment, but sometimes when tempers are running high or customers are experiencing longer than intended wait times, it can be your team that bear the brunt of their anger.

The James Hallam team have been looking at ways to protect your team’s personal safety in the workplace.

Working Environment

It is important you are committed to creating and maintaining an environment within your hospitality business, that is healthy and where your employees are shown respect and dignity by others.

Where it is expected that all staff, guests, visitors, contractors and any other persons who are on your premises behave in a respectable manner.

You could display a poster for staff and customers making it clear what behaviour is not tolerated. You could include the following:

  • Bullying of any kind
  • Violence of any kind in the workplace
  • Abusive or aggressive behaviour of any kind
  • Harassment, especially of a sexual nature

If any of this behaviour is brought to your attention, take immediate action to investigate and deal with the relevant parties. If employees are found to be guilty of any wrong doing they should be disciplined. If other parties are at fault then the appropriate actions must be followed, this may involve criminal proceedings being brought against an individual.

Violent or Abusive Customers

Whilst we’re sure on the whole your customers are friendly and respectful, it is wise to offer some ‘best practice’ guidance should an incident occur.

Occasionally customers may become embroiled in altercations with other customers or aggressive to staff especially at busy times or when alcohol is involved.

You could ask your employees to look for the potential triggers that could lead to a violent situation:

  • Raised voices, shouting, or use of swearing and offensive language
  • Racial slurs or comments said with the intention of causing offense to others
  • Aggressive gesturing, pushing, to others
  • Veiled or open threats to others

If these potential triggers are identified then there are a number of steps that can be taken with the intention of preventing an actual act of violence or physical abuse occurring.

Firstly, staff should always think of their own personal safety and never try and deal with the situation alone, they should always call for assistance.

  • Advise another member of staff at the earliest opportunity if they sense that there is potential for an incident to occur
  • Talk to the relevant parties and remind them that such behaviour will not be tolerated – advise them not to raise their voice as this may aggravate the situation
  • Instruct that the Police will be contacted if the issues are not addressed

Actual acts of violence and physical abuse are thankfully very rare indeed but it is wise to have procedures in place to make your staff feel protected and safe.

As well as protecting your staff, protecting your business premises, income and liabilities is also key. For more details about insurance for your hospitality business speak to our Hospitality Division today on 020 7977 7856.

The law on fire alarms in Scottish homes has changed – home owner or landlord this is what you need to know…
The law on fire alarms in Scottish homes has changed – home owner or landlord this is what you need to know… 1920 1280 James Hallam

Every home in Scotland must have interlinked fire alarms. Interlinked means if one goes off, they all go off, so you will always hear an alarm wherever you are in your home.

The new law has come about because of the Grenfell fire in London in 2017, and it applies to all Scottish homes.

It is the property owner’s responsibility for meeting the new standard, with any costs to be met by the home owner or landlord, what you need will depend on what you currently have in place and the alarms you choose to install.

What each home needs

Every home must have:

  • one smoke alarm in the living room or the room you use most
  • one smoke alarm in every hallway or landing
  • one heat alarm in the kitchen

All smoke and heat alarms should be mounted on the ceiling and be interlinked.

If you have a carbon-fuelled appliance – like a  boiler, fire, heater or flue – in any room, you must also have a carbon monoxide detector in that room, but this does not need to be linked to the fire alarms

Help with costs

Older and disabled homeowners on low incomes can get help with costs.

If you are a private tenant, your landlord is responsible.

If you are a council or housing association tenant, work is ongoing to make sure your home meets the new standards.

Two types of alarms

You can use either sealed battery alarms or mains-wired alarms.

Both types of alarm are interlinked by radio frequency and do not need WiFi.

What the alarms must have

If you use battery alarms, they must be sealed tamper-proof units and have long-life lithium batteries, which can be up to 10 years. You may be able to fit these types of alarms yourself and they do not need an electrician.

Mains-wired alarms are cheaper but if you use them, they must be fitted by a qualified electrician and must be replaced every 10 years. You may also need to redecorate after fitting them.

If you also need a carbon monoxide alarm and it is battery-operated, it must have a sealed battery for the duration of its lifespan.

You can find full details and further guidance here.

Source: GOV.SCOT
Photo source: GOV.SCOT

Independent Hotel Show 2021
Independent Hotel Show 2021 1920 1280 James Hallam

A fantastic start to the week for the James Hallam Hospitality and Leisure Team by sponsoring this year’s Independent Hotel Show in Olympia, London. The event was incredibly well attended with two days of inspiring showcases, seminars and outstanding networking opportunities.

David Noble, Our Director of Hospitality and Leisure, is pictured below presenting this year’s Outstanding Contribution Award to Peter Hancock. Many Congratulations Peter!

We look forward to seeing you all again next year.

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