The lender might only require that you cover the amount of the loan. You will need to make sure that you have a policy that covers guaranteed replacement. This guarantees that your home will be rebuilt even if the cost to rebuild exceeds the amount of your insurance. Guaranteed replacement does not always mean guaranteed replacement. Ask any insurance company you are considering exactly what they mean.
Some companies guarantee no matter what the cost.
You should carry as much liability insurance that would cover at least two times the value of your assets. If you have substantial assets you might want to look into additional umbrella coverage. The coverage for personal property is usually set at around 50 to 75 percent of the dwelling coverage. That would not usually apply to condominium owners. In that case you will need to select a dollar figure of coverage you require.