For the master insurance policy, you need replacement of the building. You also need hurricane coverage (wind) and fidelity (fro fraud on employees). For the buyers' personal home owners insurance, they do not need it for the mortgage but for the rules and regulations of the condo association. They will need replacement value (including the cabinets and appliances) plus liability of at least $100,000.
When I bought my condo in WPB, I had alot of difficulty with the insurance agents not knowing what a condo was.