Home insurance may cover your building, contents, or both, depending on the policy, for events such as fire, storm damage, theft and certain escape-of-liquid incidents. Common exclusions or limits can include wear and tear, gradual damage, poor maintenance, unapproved building work and some types of flood or stormwater damage. You may also need optional cover for valuables, accidental damage or portable items away from home. Check the product disclosure statement, insured limits and excess, and ask the insurer to clarify anything that is unclear before choosing a policy.