What is buildings insurance? Buildings insurance should cover the cost of repairing or rebuilding your home if it’s damaged because of an event it’s been insured for – such as fire, flood or storm damage. Many policies will include cover for damage caused by burst pipes, leaks or electrical fires, as well as cover for outside structures, such as fences, garages and sheds (but there may be limitations placed on this). Do I need buildings insurance? If you’re a homeowner…