Building insurance generally covers the physical structure of a property, including the roof, walls, floors, bathrooms and permanently fixed items, against insured events such as fire, storm or impact damage. It usually does not cover your furniture, clothing or other belongings, which may require contents insurance. Policies can exclude issues such as wear and tear, poor maintenance or gradual damage, so check the product disclosure statement and choose an appropriate sum insured. If you own a unit, the owners corporation may arrange building cover under strata rules, but you may still need contents or landlords insurance.