Distinguishing among the types, costs, and benefits of property insurance coverage should include

an explanation of the function of property coverage (i.e., protecting a person from losses due to damage, theft, and liability)
a description of the wide variety of coverage available from basic to broad (e.g., basic coverage, broad form, special form, renter, comprehensive, condominium owner)
an explanation of the purpose of insurance floaters (i.e., providing for personal property when value exceeds standard amounts)
an explanation of the purpose of endorsements (i.e., providing extended coverage for disasters or events not covered in a basic insurance policy)
an explanation of the disadvantages of under-insuring and over-insuring
an explanation of an umbrella policy.

It should also include comparing the costs and benefits of additional coverage and using a decision model to compare policies offered by different companies.