You should have personal property insurance coverage for things that you own. It's important to understand what types of perils your property insurance covers and to make sure you have sufficient coverage to replace your possessions. You also need to know the difference between cash value and replacement cost policies so you don't end up without the money you need to replace your possessions when you're forced to make a claim.

Our company receives compensation from partners seen on our website. Here's how we make money. Our research, news, ratings, and assessments are scrutinized using strict editorial integrity. Our editorial staff does not receive direction from advertisers on our website.