The Black-Scholes option pricing model has perhaps the biggest impact on the option pricing. This paper uses a different way to calculate option prices. We uses the portfolio insurance concepts to value options. At first, the Monte Carlo method is used to get stock prices, and then insured profits are calculated. By the insured profits, we can get the put option prices. After using the put-call parity, we can get the call prices. Finally we compared our results with the results of Black-Scholes model. We find that whether using the discrete dynamic process or the continuous dynamic process to simulate stock prices, the option prices by using the portfolio insurance concepts do not differ from the results of Black-Scholes model. The findings indicate that the portfolio insurance concepts can be used to value options.