What sort of insurance should I get for my first rental condo?

[Pete Broom]

I just got my first rental condo for $310K. 

For this, I am being quoted $250/year for umbrella insurance which covers $1M/$2M per occurrence/aggregate. From what I gather from this forum, getting an umbrella insurance is the right thing to do.

I am also being quoted $450/year for condo coverage. But I have "master policy insurance" through the HOA. This is the "walls in" insurance.

So

- Should I get the umbrella insurance?

- Given that I have the master policy insurance, do I need the additional condo insurance?