My OB rentals all have very cheap insurance. E.g. ~800 a year on a 2000sf wood SFH.
Going from 50k to 500k of car insurance only increases the cost by about double, not 10-fold.
A RP condo might be worth 900k but have replacement cost of 300k with the other 600k the land value and development right.
So I think the 50m was cheap excess insurance which they decided to drop in the context of a drastic increase in the meat of the policy, which is replacement value in a fire.
