FAQ

“Luxury Insurance” or as it is sometimes called, “High Value Home Insurance”, are specific Homeowners policies designed for Homes with values in excess of $1,500,000. This policy includes coverage offered by standard Homeowners policies, but with enhanced limits and more comprehensive limits and coverages. This type of policies is created to cater to Clients who tend to have higher quality finishes in their homes and higher valued assets.

The simple answer is yes. However, since The Luxury Home Insurance policy provides higher limits and a more broad list of included coverages, in many cases the value gained by having this policy out weighs the potential increase in cost. When Clients have homes valued in the millions, as well as expensive furniture, finishes, art work, collectibles etc., the perceived exposure of not properly insuring these, makes the informed Client realize that the cheaper policy may have large gaps in coverage. A proper evaluation in this case may value the Luxury Home policy to be more reasonable, due to its increased protection and peace of mind. Our experienced Insurance Brokers are available to provide you with a detailed comparison of options which will best suit your needs.

At KMI we specialize in High Value (Luxury Home) Insurance and we will tailor a plan to meet your specific needs. We also deal with many Insurance Companies whereas many other Brokers represent only a few, or in the case of Agents, they represent only one Insurer and their offering may be in their Insurers best interest more than it meets your needs. KMI is completely independent and we will only recommend the policy which best suits your needs at the most affordable cost. We believe that multiple options is best for our Clients and sets KMI apart from much of the competition. Your call will never be directed to a call center, we believe in having our best licensed Brokers deal directly with Clients and you won’t get passed around to numerous people.

An umbrella policy is extra liability insurance coverage, that goes beyond the limits provided by other Homeowner, Auto and Boat Insurance policies. The umbrella does pretty much what it sounds like. It provides and additional layer of protection over above the specific policies which are in place. We strongly recommend adding an Umbrella policy which is typically very inexpensive but adds higher limits which could provide protection for possible gaps in cover. The more complex the Clients Assets, family and Life may be, will make an Umbrella policy more applicable. We are happy to provide an no obligation quote for an Umbrella policy which makes the most sense for you.

Most Insurance Companies will provide a discount from their base premium rate for the following situations which some Clients will qualify with; *Newer Home *Monitored alarm system *Mature citizen *Multi-policy discount *Loyalty/ Stability *Mortgage Free *Claims FreeAt KMI we will ensure that you qualify for as many relevant discounts as possible, as our goal is to not only provide you with the best coverage, but also for an economical price.

In some cases the difference between ACV and GRV may be quite substantial. The Actual Cash Value is the replacement cost of the item less depreciation. As an example, a brand new television might cost $1000. but if the TV 7year-old TV set gets damaged in a fire, it might have depreciated by 50 percent or more, prior to the damage. So the policy would only provide for a portion of the cost to replace that TV. Therefore, you would be paid about $500 for that set. The Guaranteed Replacement Value would be the cost of replacing that same item, or as close to that item as is possible. In that same example, if that 7 year old TV still costs about $1,000., then the policy with GRV would pay the full replacement value to purchase a similar TV, without the deduction of depreciation (ie. Wear and tear )