Building insurance can cover the cost of repairing or rebuilding your property if it’s hit by a disaster like a storm, fire or flood, or if it’s damaged by something like vandalism or subsidence. Landlord building insurance is designed to protect your rental property from these risks. Building insurance covers the permanent, physical structure of your property, including the walls, roof and floors. If a disaster like a flood, fire or storm hits your property, your building insurance can cover the repair or rebuild cost.