http://www.claimsjournal.com/news/national/2013/05/03/227931.htm#

Traditional insurance models had it that identical homes in a given neighborhood, say one with a retired couple and one with a married couple and four children, require the same contents coverage. Similarly, a home in Santa Monica, Calif., will require two-to-three times more contents coverage than the identical home in Cleveland. Analysis of billions of dollars in settled claims in  confirms that there is no correlation between the value of the house and the replacement value of its contents. In fact, research demonstrates that the amount of contents coverage needed has a lot more to do with the demographics of who’s inside the house rather than the house itself.