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Relocating to Portugal? A guide to Portuguese home insurance and whether you need it
Hanushka Karnani - Tuesday, December 01, 2020
It’s unsurprising that many people are drawn towards living in Portugal. Its consistently warm weather means Portugal is often deemed to have the best climate in Europe, while the country is also home to a string of beautiful beaches and a thriving expat community.
Nonetheless, before you make your move to Portugal, you should investigate whether there are any particular types of insurance you would be legally required to obtain. If you intend to take out a Portuguese mortgage, then home insurance will be mandatory.
What if I will only be renting in Portugal?
In this case, you will not be legally required to hold home insurance in your own right. It will, however, be a different case for your landlord. If you were thinking of buying Portuguese property to rent out, you will need at least a minimum level of insurance for that property.
Which cover would be legally required and which would be optional?
As is the case with many types of insurance around the world, while there’s a bare minimum of cover you would be able to settle for, it’s often a good idea to expand your coverage further. After all, insurance can practically pay for itself in the event of an unforeseen tragedy or accident.
In Portugal, home insurance can be divided into building insurance and contents insurance. Legally, the least you could get away with on the home insurance front would be taking out simply fire insurance, a form of building insurance that covers the property against fire damage.
As respected expatriate-focused home insurance brokers in Portugal here at Ibex Insurance Services, we can provide cover that accounts for a range of adverse occurrences other than fire – such as theft, explosion, vandalism and collision.
However, for your long-term peace of mind, you should seriously consider opting for multi-risk insurance – a comprehensive type of building insurance that can cover numerous other risks.
You can also turn to us for contents insurance to protect your possessions kept in the property, as well as contents only temporarily removed from it. On your request, we can throw in various other optional extras, too – such as cover for valuables, credit cards and even golfing equipment if you fancy sampling Portugal’s golfing scene.
With cover also available through us for Portuguese holiday apartments and static homes, we can help you to find the perfectly matched policy when you request a quote from us online today. Or why not use our online office locator to find the closest Ibex office to you, so that you can discuss your insurance requirements with us face-to-face?
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