Standard Building insurance is an annual policy that covers you if something happens to your home, such as damage from a fire, flood, or storm. It covers the cost to rebuild, repair, or replace elements like your roof, walls, windows, doors, or fitted bathrooms and kitchens. A Structural warranty, on the other hand, covers a Property, New Build, or conversion, for structural failure and provides cover for partial or total rebuild of your new home for 10 years from building control sign off.