What is Building Insurance?
Building insurance covers the physical structure of your home — roof, walls, fixtures — against fire, storms, vandalism and other insured events. It doesn't cover contents (furniture, electronics, clothing).
Why it matters for you
Every Australian lender requires building insurance to be in place before settlement, with the lender noted as an interested party. Cover amount should reflect rebuild cost (not market value). Strata owners are covered by the body corporate's policy for the building.
Last updated: April 2026