Buildings cover on a R2 million home is typically R200–R350 per month, while contents-only cover for a two-bedroom apartment runs R90–R180. Insure for rebuild cost rather than market value — underinsurance is the single most common reason home claims are reduced.
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Buildings cover is compulsory if you have a mortgage bond — the bank requires it. Contents and all-risks cover are optional but cover the bulk of what you'd actually claim for.
Power-surge damage to appliances is covered by most insurers, but check the limit. Some insurers exclude consequential damage (e.g. spoiled food) unless you specifically add it.
Buildings cover protects the physical structure — walls, roof, fixtures. Contents cover protects everything that would fall out if you turned the house upside down — furniture, appliances, clothing.