How should town homes be insured?

Our small HOA has had turn over in officers, so we felt it was a good time to re-examine our insurance policy. We are considered a non for profit, but find the insurance qualifies us as a business.

Our insurance needs are primarily the exterior, and liability. Yet with the current policy things like payroll, computers, and terrorism are in the coverage and totally unnecessary. How should 6 town homes in a quiet retirement community be insured?