Understanding home insurance in Portugal
In Portugal there are some risks which are not included in standard home insurance policies – Earthquake, Subsidence and Power Surge are optional extras. If you have a cheaper quotation from a different company, optional extras may be excluded – excluding earthquake cover can reduce your premium by up to 40%.
If you do not understand the language in which the policy is written, use an insurance broker to explain what you are insured for to avoid any unnecessary disappointment when making a claim. You should understand and comply with the security requirements of your home insurance policy, including when an alarm needs to be activated. Home insurance policies state that “in the event of a theft claim, there must be signs of forcible entry” – if you have forgotten to lock a window or door, and there is theft but no sign of forced entry, you will not be covered. Depending on whether the property is your permanent residence, holiday home, short-term or long-term let, different covers are available and some insurers will require a rental licence if the property is let.
When the home is unoccupied, the property should be inspected at least once per month by a responsible person to ensure the property is safe and secure and that there is no internal damage, for example burst pipes. Speak to the experts for peace of mind!
www.ibexinsure.com
