Travis Ford of the Missouri Department of Insurance says many people in Joplin learned the hard way last year.
"We have a lot of tragic stories from people down there who had lost their homes, and then didn't have enough coverage," Ford says. "The $150,000 worth of coverage, let's say, and they got a quote of $180,000 to rebuild their house, so they were 30,000 short."
Ford says renters can get hurt as much as homeowners.
"Your landlord's insurance policy does not cover your belongings that you have inside your rental properties. So, your electronics, your furniture, your clothing, those things are your responsibility to insure."
Ford advises homeowners and renters to make sure the replacement costs of your valuables are up-to-date and realistic.