In Portugal house insurance clauses vary from company to company but this applies anywhere else. You should make sure you perfectly understand the clauses your home insurance contract covers you for and under what circumstances.

This section will guide you when having to find a home insurance in Portugal.

 

Have Your House Insurance Cover Your Contents

Any owner of a house that does not have insurance that covers his property for risks and dangers, is, shall we say, a person a minimum distracted … We all know that objects belonging to the dwelling are classified into 2 groups:

 

a) – The common objects, that we find in every home, regardless of their value. Example: furniture, decorative items, lamps, domestic ustensils, clothing, shoes, carpets, books, audio and video equipment without significant value) etc …

 

b) – The special items, with a high risk that have high intrinsic value and attract people’s attention bad intentions. Examples: objects in gold, silver, ivory, jewelry, collections of all kinds, paintings, prints and sculptures, rare objects, artistic, valuable audio and video hardware, leather and furs, etc. …

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House Insurance For Individuals Buying With a Loan

When the purchase of a home involves a bank loan, the lending institution that finances it always requires an home insurance – Fire Multirisks to ensure the repayment in case of loss under the contract.

 

The capital value for this type of home insurance contract is calculated by multiplying the surface area of the property (add 15 to 20% for common parts) by the replacement value per m2. This value is published in the “Diario da Republica” in October of each year and takes effect in January of the following year.

 

For such home insurance contracts, the insurers offer “packages” in accordance with the requirements of the various credit companies. One of the clauses for which the Portugal insurance companies are sometimes less inclined to insure your house for is regarding the seismic phenomena, particularly when the building is over 15 years old.

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Disclaimer
The above information is provided as guidance only and does not form part of any contract. You must seek professional assistance before making any buying decision. Currency equivalents are indicative only and should be checked with your bank. All information is subject to alteration without prior notice.