Buildings insurance covers the cost of repairing damage to the structure of your property. It usually covers loss or damage caused by fire, explosion, storms, floods, earthquakes, etc.
Whether you’re a landlord or an owner-occupier, buildings insurance isn’t compulsory under the law. However, if you have a mortgage then buildings insurance will be a condition of the mortgage and must be at least enough to cover the outstanding mortgage. Your lender should give you a choice of insurer or allow you to choose one yourself. If you buy a house you should take out buildings insurance when you exchange contracts. If you sell a house you are responsible for looking after it until the sale is completed so you should keep your insurance cover until then.