If you know your world's history, you can base stories on that. If you know your world has the kind of "exciting" geography that leads to disasters, well there's lots of stories in that.
But another type of story is being able to compare your world with the one we actually live on (unless you're based on the International Space Station where you have an unique perspective to write your comparisons about!).
The obvious difference beween my Fairy Kingdom and Earth is the use of magic in the first. I treat it as a form of energy and, as with life on Earth, the use of energy can be a political topic with all the controversies that can cause. Also there are always others who have more energy/magic than others which inevitably will lead to resentment by those who are less gifted. Do those characters do everything they can to improve their magical gifts? Do they do so honestly or do they cheat? Is there a system of education in place where people can improve their talents or is this limited to those who can afford to pay for it (politics creeping in again!)?