What building insurance covers in Australia is structure of house, walls, roof, floors and permanent fixtures like kitchen cupboards, bathroom, plumbing, electrical wiring, plus garage, shed, fences and driveways, for $500K to $1M rebuild cost, covering fire, storm, flood, theft, vandalism and accidental damage, costing $1,200 to $1,800 per year for $500K building, with $20M public liability. Building insurance, also called home building, covers dwelling structure against insured events including fire including bushfire, storm and hail, flood if included, lightning, earthquake, theft and vandalism, accidental breakage of glass, and water damage from burst pipes $10K to $50K, with sum insured $500K to $1M for rebuild, plus demolition and removal $20K, architect and council fees $10K and emergency accommodation $10K if home uninhabitable. For example, if fire destroys $500K house, building insurance pays $500K rebuild plus $20K demolition plus $10K accommodation, total $530K minus excess $500 to $1,000. It also covers $20M public liability if visitor injured on property $100K to $500K claim, such as fall from deck. It does not cover wear and tear, subsidence, mould, business use and unoccupied over 60 to 90 days without notification. So building insurance covers structure $500K to $1M against fire, storm, flood, theft and accidental damage, with demolition, accommodation and $20M liability, costing $1,200 to $1,800 per year for $500K, mandatory for mortgage.
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