How much personal property insurance do we need?

My wife and I are moving out for the first time into our own place. How much personal property insurance is "normal"? We're moving into a 900 sqft place and are only bringing probably <$10k worth of stuff in. Obviously we'll be needing to get furniture for the dining/living room, as well as a few dressers and such, but I'm not sure what to tell our insurance agent…is $50k too high?

Edit: We're buying a condo, not renting.