House Over-Insured?

Is your home carrying too much insurance?  Just this week I was evaluating my family's coverage for auto, home, and life.  While we all know to adjust our auto insurance as our car loses value, do we do the same for our home as the mortgage adjusts?  Given that a considerable amount of your home value may be in the land it sits on, which isn't destroyed by a home fire, carrying a homeowners policy for the mortgaged amount instead of the replacement value may be costing you some of your hard earned cash for coverage you don't need.  Knowing I was aware of this, but wanting to find someone else to explain it I went searching and found an article by Bob Bruss, a well respected real estate professional.  His article can be found here.  Remember, this coverage spread isn't something many people think of, nor is your insurance agent likely to advise you on.