A standard strata policy covers the building (replacement cost), common-area contents, public liability for the common property, voluntary workers, office bearers' liability, machinery breakdown and loss of rent or temporary accommodation after an insured event.
Strata insurance is taken out by the owners corporation, not the individual owner. It exists to make sure that if something major happens to the building — a fire, a burst pipe, a slip-and-fall in the foyer — the cost falls on a policy, not the owners personally.
It does NOT cover personal contents inside your apartment, your own legal liability for damage you cause to neighbours, or anything you've added inside your lot (carpets, blinds, custom kitchen). Owners need their own contents and landlord policies for that.
The line between 'building' and 'contents' is where most disputes happen. As a rule of thumb: if it was there when the lot was first sold by the developer, it's likely building; if you installed it, it's likely contents.
Compare written fee proposals from strata managers covering your building — free for owners corporations, no obligation.