Flood insurance on the master condo policy- yes. However you'd need your own policy to cover "drywall in" and contents. The condo Ass. owns the outter walls of the building, drywall in, however, is your responsibility.
I have to agree with the previous. You should look at the individual cost versus the cost for the whole. In some areas it may be unavoidable though, especially Arlington. Best to have the proper insurances for the whole community and not have to worry for all.