Building insurance generally covers your home’s structure and permanent fixtures, such as walls, roofs, bathrooms and kitchens, while contents insurance covers belongings inside. If you own a unit or townhouse, the owners corporation or body corporate may arrange cover for shared buildings, so check your strata documents and responsibilities. Compare the rebuilding sum insured, covered events, excesses, exclusions, temporary accommodation and legal liability cover rather than relying on the property’s market value. The insurer will decide available cover, premiums and claim outcomes based on the policy and your circumstances.