A question on the insurance of a condo rental

[Leon Lee]

Dear BPers I am changing my primary residency into a rental and now I am dealing with the insurance. The market value for the condo is $380k. My agent was asking me how much I want to cover for the place in the insurance. He is suggesting $50k, i.e., the total amount the State Farm would pay if it is, say, burned down. Since I have master policy from HOA, he thinks $50k should be enough to restore the inner walls, floors etc.. Does it sound reasonable? I just try to get a second opinion on the amount of coverage commonly used on a condo similar to mine before I go ahead and change it. Thank you! 
Lee