First home buyers should check whether they need building insurance, contents insurance, or both; strata owners may have building cover arranged through their body corporate. Choose a building sum insured that reflects the likely cost to rebuild, not the property's purchase price, and consider cover for storm, fire, theft and accidental damage where available. Read the policy’s exclusions, excesses and limits in the Product Disclosure Statement, including conditions about security and unoccupied periods. Compare quotes and confirm requirements with your lender, insurer or a licensed insurance professional.