Building insurance generally covers the physical structure of your home and permanent fixtures against insured events such as fire, storm or certain types of water damage, but cover varies between policies. Common exclusions can include wear and tear, poor maintenance, some forms of flooding and damage caused by building defects. Check the policy’s sum insured, excesses, exclusions, temporary accommodation limits and legal liability cover, and read the Product Disclosure Statement carefully. If you own a strata property, ask the body corporate what the building policy covers before arranging separate insurance.