Portugal continues to be a top choice for those seeking a mild climate, rich culture, and exceptional quality of life. However, the risks of theft, earthquakes, and other natural disasters have been increasing year on year, highlighting the importance of having an appropriate and up-to-date home insurance policy, especially when considering that your home is likely one of the largest investments you will make in your lifetime.
How to insure and what to cover?
At MEDAL, we have developed an exclusive home insurance policy to protect your assets. We offer building insurance, contents insurance, and ‘All Risks’ coverage, including jewellery and valuable items. When taking out insurance, consider the following factors to determine the insured amounts:
- Reconstruction Cost – this should include not only the building, but also terraces, walls, fences, swimming pools, and other small structures.
- Contents – the amounts insured should be sufficient to replace the insured items with new ones (New for Old).
Why should you review your insurance annually?
As your home will likely be your biggest investment in Portugal, it is crucial to ensure that both the building and its contents are insured with appropriate values. Theft and natural disasters (such as earthquakes, storms, heavy rains, or even fires) are not that uncommon in Portugal, so an insurance policy with outdated insured amounts could have disastrous consequences in the event of a claim.
Read more about our thoughts on this matter in Portugal Resident’s new article: here.
