A question on condo insurance for rentals

[Leon Lee]

Dear BPers I am changing my primary residency into a rental and now I am dealing with 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 burned down. Since I have master policy from HOA, he thinks $50k should be enough to restore the inner walls, floors etc.. just want to get a second opinion on how much I should cover for the limit before I go ahead and change it. Thank you! Lee