If you insured the replacement cost of your house to match what you paid for it, you are most likely overinsured, since the price of your house included the price of the physical land beneath it. Since your land does not incur damage, you should insure your house only for the cost to rebuild the same size and type of house you originally purchased. The property appraiser you used to buy the house can give you an exact figure for the land, given today’s real estate market rates in your area.