Years ago, when I looked at scheduled property insurance for guns and rare books the rates came back at 2 to 2.5% of value in Canada.
Underinsurance leads to proportionate lowball payout of claims, so the cost of recurrent appraisal is non trivial.
Issues surrounding appraisals and potential for disputes over valuation, if I did have a claim, led me to spend my money on security rather than further insurance also.
It would be more than frustrating to pay large sums over many years for insurance, only to have difficulty collecting when/if a claim arose.
