Homeowners personal property coverage
After 27 years in the same house I am looking at changing insurance companies. I am curious about personal property coverage and how it works in the event that you have to file. Say, in a total loss situation, if it costs $150K to replace all of my personal property, but I have $330k in coverage, am I wasting money on my premium for coverage I won’t be able to use? I have not sat down and tried to add up what it would cost to actually replace everything I have in my home. I understand there are limits on high value items that should be insured separately. How do you estimate what it would cost in this event? I don’t want to pay for coverage that is more than I need and also don’t want to short myself. I’m not looking to get over on my insurance company, but how do they know what I have to replace?