I am reviewing my statement from insurance company for renewal. The insurance company is increasing coverage about 4% every year and the building coverage amount it has on renewal is 433,600 for about 2200 Sqft SFH in scripps ranch area. The premium went up by 10% each year.

I am not sure whether I am over insured/under or adequately insured. How to determine average cost for building?

Shall I continue 4% increase every year or reduce the coverage?