Iâ€™m not in your area and I am not familiar with the Rey de Copus Malibu Villas specifically. However, in general, you really only have the jurisdiction to decide to purchase insurance for your personal items within a condo.
Typically, the Lender requires an HO6 policy, which is designed for the owners of condos and includes coverage for the part of the building owned by the insured and for the property housed within. You may also be asked to obtain insurance that covers such specific things as the cabinets, sinks, toilets, etc.)
The HOA has the jurisdiction over the "walls out" insurance and they make the decision on whether earthquake insurance will be carried as well. I have only come across one HOA that carried the latter in the SF Bay Area.