As long as you take out Buildings and Contents or Buildings cover for your landlord's insurance then, yes, the building is insured. This means that if a storm, fire, landslide, bungled burglary or other listed event causes damage to your property, you'll be covered, subject to the policy terms.
You can find out what types of buildings we cover and what the building is covered for, in the Landlords Insurance Product Disclosure Statement (PDS).