Building insurance can cover the physical structure of a home, such as walls, roofs, fixtures and built-in kitchens, against listed events including fire, storm or accidental damage, depending on the policy. It generally does not cover contents, gradual deterioration or maintenance issues. If you own a unit, the owners corporation or body corporate will often arrange building insurance for common property and the building, but you may still need contents or landlords insurance. Check the policy wording, exclusions and sum insured, and ask your insurer or strata manager what protection applies to your property.