Landlord insurance

[Douglas T.]

I got a quote for landlord insurance and I wanted to get opinions here.  I'm converting my Chicago condo into rental property.  There is no current policy or insurance company to call or bundle services with.  This is a 1br condo that is 700 sq ft.  They said I could save about $50 by lowering these two things I've listed below.  Do you guys see anything else you'd change?  Thanks... I've never done this before.  In case you can't read the premium total, it's $276/yr.

Building Property Coverage A $70,000 - is this too much?  Another company said I should only need $45k

Liability $1,000,000 - is this too much?  The other company said I'd only need $500,000