Building insurance generally covers the physical structure of a home, including walls, roof, floors, fixed fixtures and sometimes garages or other outbuildings. Policies may cover events such as fire, storm, theft-related damage or escape of liquid, but the exact cover, exclusions and excesses vary between insurers. Flood, accidental damage and temporary accommodation may be included, optional or excluded, so check the product disclosure statement (PDS). If you own a strata property, the body corporate may arrange building insurance, while landlords should consider whether they need cover for rental-related risks.