Homeowners Insurance

I think you next post will be asking something like if I should buy a LCD or Plasma TV.

You need to consult your condo association documents to see where your responsibility begins should the unit be totally destroyed and need to be rebuilt. Everything beyond that, which may be just studs and a concrete slab, is what you're insuring. $50K is not going to get you too far.

Your lender may have a minimum amount too, as they want (and have a contractual right) to ensure their collateral remains a viable asset.

If this is truly high end, you need to insure between $250K-$350K. Try State Farm also for a quote. Watch your liability, 1 million not enough.