Home insurance generally covers the building itself, such as the structure, fixtures and permanent fittings, while contents insurance covers belongings inside your home. Policies may cover events such as fire, storm damage, theft or escape of liquid, but exclusions, limits and conditions vary between insurers. You usually choose a sum insured and pay an excess when making an approved claim, with premiums influenced by factors including your location, property features and cover selected. Read the product disclosure statement and check with the insurer to understand what is covered.