Yeah our BC insures the actual building, the common property, and has public liability of I think $30 mil. We just get contents insurance for all our stuff.
We've had to have a couple of repairs done and our BC has covered it for us - this was for stuff like upstairs pipes bursting and causing damage to our ceiling.
For $500 a quarter with stuff like pools, I think thats very reasonable. We pay about that too, and we have no pools!