Real estate valuation for insurance renewal without appraisal
I’m about to renew insurance on my commercial building and am struggling with what to use as a valuation due to the rapidly increasing costs associated with lumber and almost everything these days. My insurance includes a co-insurance clause which penalizes me if I the property is insured for less than 90% of the property value. I’m not a builder and don’t have a high level of comfort guessing what the value is. My broker suggested getting an appraisal every few years which seems ridiculous due to the cost of appraisals just to determine insurance coverage. Also don’t want to vastly over-insure either. Any advice would be greatly appreciated. 
Thanks in advance
[{"id": "hcvqsbk", "text": "I will point out that appraisals for insurable replacement value are much less expensive than a full-blown market value commercial appraisal. Since the valuation is limited to a cost approach and no sales comps or other research is really needed they tend to be around 25% of the price of a regular appraisal.", "replies": [], "depth": 1}, {"id": "hcwbqgp", "text": "Order a BPO from [https://www.clearcapital.com/](https://www.clearcapital.com/).  Broker Opinion Review way cheaper.", "replies": [], "depth": 1}, {"id": "hias3b2", "text": "Hey - it does sound a little extreme (and costly).\n\nHave you tried using a comparables software with latest transactions? At this point this seems the most reliable solution, because you're never going to get replacement cost exactly right in this inflationary environment.\n\nDoes your insurance allow you to provide a valuation without them sending an appraiser?", "replies": [{"id": "hib8kaz", "text": "Yes. I\u2019ve tried the comparables but there isn\u2019t much selling that is reasonably comparable. Also selling price isn\u2019t always rebuilding price. \nI just went a couple hundred thousand over my best estimate. It\u2019s triple net so tenant pays the insurance costs anyway.", "replies": [{"id": "hibgzcg", "text": "Males sense. Glad you figured it out!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]