Dwelling Insurance limits?

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what is the typical amount one needs to insure?

my lender is asking for the full loan amount to be the "Dwelling Coverage" ?   that obviously protects them, but I'm overpaying for insurance..

How do you deal with this?

Also, to make things more confusing, insurers have a base dwelling coverage, and an optional increase (of about 25%) that it can go up to..   I don't know if the bank takes that option (line item) into account as the total insured amount.