Sorry, Wayne, that I didn't find this one earlier --

what you want to do is look at what the policy covers. For someone young, you probably don't have five designer suits -- the majority of your assets are probably electronics, such as a TV, stereo, etc. -- and that stuff depreciates pretty fast! Check to see if the policy is offering you replacement cost, or depreciated cost, and knowing that level of coverage will help you figure out what price you're willing to pay.

The one other exception I can think of here is heirloom jewelry -- if you have grandpa's gold watch, or your girlfriend has a ring that's been handed down through the family, I think it's worth paying a little more to have that stuff covered.