Assuming that your trailer insurance is provided by the same company that insures your car ---
Quite often, the liability coverage on the trailer comes directly from the liability coverage on the tow vehicle, and quite often at no added cost. However, the "loss" part of the trailer coverage is written separately, billed separately, and paid for separately. The amount of coverage (in other words, the amount that the insurance company will pay you if the trailer is lost), is stated within that part of the policy. Also stated is how that coverage will change as the trailer gets older and its value drops. You will need to state the initial value - easy if you bought the trailer new, not quite so easy if it was used) - the yearly adjustment will be automatic unless you intervene.
You should be aware that any kind of major TM body damage is hard (read "expensive") to repair, and the insurance company will likely declare your TM totaled when they get the repair estimate from TM. So be sure you are comfortable with the amount of your coverage.
It is possible, but not fun, to wade through your insurance policy. If you are unsure of anything, ask your agent, and write down his answer.
Bill
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