Take inventory. It is important that you know the value of your personal property. Don't forget your clothing, your dishes, furniture and home entertainment equipment. This all adds up. When you have your inventory, consider what it will cost to actually replace these items, not what you paid for them. This is the different between (ACV) and Replacement Cost.

While both are available, Replacement Cost will cost more in premium than Actual Cash Value. However, payment based on the replacement cost of a damaged or stolen item is generally preferred because it compensates the policy holder for the cost of replacing the property, rather than deprecating for age and condition.