Understand that all insurance policies are not created equal. Insure to the full value of your home and property. Those policies promise that if your 15 year old home is destroyed, our insurer will cover the cost of building a new one just like it. Those policies promise that if your 15 year old home is destroyed, you are entitled to a specified amount only. Standard homeowners policies usually cover the contents of a home, up to a specified limit.
Some policies protect contents on a replacement cost basis.
An actual cash value policy would entitle you to only the original cost of your possessions. There are special endorsements or riders, if you can get them, that could provide replacement cost coverage for contents under the terms of an actual cash value homeowners policy. Other riders are available to enable you to buy more coverage for expensive items such as jewelry, furs and computer equipment. A good agent will alert you to them and offer you options. Your house, for example, may have aluminum wiring, which was installed before your local government ordered that all new homes must contain copper wiring.