With apartment rights the building is one whole, so it is usually insured as one whole too. Under the Model Regulations 2017, the board must insure the building against water, storm, fire and explosion damage: the buildings insurance. The board also takes out insurance for the legal liability of the VvE and of the owners as such (article 19.1).
The meeting sets the insured amount; for the buildings insurance it must match the rebuilding costs, which is checked periodically with the insurer (article 19.2).
Whoever must insure under the regulations represents all owners in exercising the rights under the policy and manages the payout (article 5:136 BW). An owner who makes a change to their apartment that alters the premium bears that difference themselves (article 5:119(2) BW). The contents of your own apartment are not covered by this.
See also: Rebuilding value (herbouwwaarde), Common parts (gemeenschappelijke gedeelten), VvE board
Legal basis: Boek 5 BW, art. 5:119 en 5:136, Modelreglement 2017, art. 19