Condo Insurance Coverage

[Matt Rutter]

My wife & I purchased a vacation condo (also a MTR) in Memphis (1 Bed 1 Bath) approx 1,000 sqft. We haven't had to insure a condo before and are specifically unsure how much coverage we need. 

I've heard of the 20% rule (20% coverage of purchase price). This would put us at $45k, but our agenda minimum is $60k, 2hich would be ~$25%. I've also heard cover the loan amount ($191k), but that seems excessive. 

I realize this isn't an exact science, but I was hoping for some community input to make sure we get the appropriate coverage.