Coastal can be done with the right carriers.

I can give you the websites of some the carriers we use and you can see if there are any agents in your area.

Not sure which carrier that is but I have several clients where I placed a $10M umbrella for less than $40 a door.  

The toughest tasks are obtaining the carrier appointments and the staff to service the accounts which can be avoided if you purchase/partner in an agency versus starting a new one. 

It also may  be that the carrier applied an inflationary increase on the value and that has caused the increase. 

My insurance agent cannot find a carrier to insure the property due to the house in disrepair.

@Byron Broughten- I recommend John Woodrich or @Ryan Carriere they are both investors and CPA's I'd recommend setting up a call with them and talking through your situation for who fits best with you.

To add to this thread, you can also lightly knock off the popcorn with a drywall knife, leaving behind the carrier, and lightly sand the ceiling, then prime and paint.

Here you first need permits & to ensure the zoning is legal for 3 units & that an Ins Carrier will insure the building. 

If I'm correct, of the two  I believe the attorney's opinion is better because the attorney and more importantly his E&O carrier, if he has one, would have liability for a covered loss you might suffer for relying on his opinion.