It's time to renew my business insurance. When discussing the amount to be covered for the "Business Personal Property", the agent tells me that I should have a value that is the sum of the new replacement cost for everything in the shop. Looking at the number from last year, it seems light. So, when coming up with the amount to be covered, do you all really add up the value of every machine, tool, inventory, etc as if you had to buy it new? Or do you figure it's ok to under-insure by a bit because you could probably buy used to get what you need? Buying used is how we've purchased most of the major assets in this shop, by the way.