The importance of a home insurance in Portugal
You can opt for fire insurance or multi-hazard insurance.
Home insurance should be seen as a protection of one of the most valuable assets we possess and one of the largest investments that people normally make throughout life
There are two types of home insurance:
Fire insurance (Seguro de incêndio): Buildings on horizontal property are required by law to have this insurance. This should cover each autonomous fraction, as well as the common parts of the property. Fire insurance guarantees the repair of damages caused by a fire, as well as other incidents such as explosion, lightning, seismic phenomena, floods, storms, among others.
Multi-risk insurance (Seguro multirriscos): This insurance is not mandatory but is more comprehensive in terms of the risks covered. It guarantees greater coverage of risks related to the house and the filling of the house, and may also include civil liability coverage.
Some tips for choosing the best home insurance:
Consider your needs: every accomodation has its own specific needs, so when choosing your insurance you should consider the physical location where you are and the geographical location, among other things.
Research the market: it is not always advantageous to stay with the insurance proposed by the bank of your housing credit only to lower the spread. Search the insurance available in the market and compare prices, plans and coverages, to choose the most advantageous for you.
Ask for the previous information: before choosing the insurance, know how to proceed in case of a claim, what is the deductible, and when the policy comes into force.
Negotiate the value of the coverage: the major part of insurance does not reflect the total value of the property and its filling. Make sure you make a faithful and accurate assessment of your assets. Remember that if you indicate a lower value than the real, the insurer will only pay a portion of the damages in the claim house. If, on the other hand, overvaluing your assets can pay more premium and the insurer only pays you the equivalent of the real value.
Simulate the insurance of your home
Before starting the simulation, you must keep close enough all the information necessary for its execution. The insurance simulator can vary from case to case, depending on the building component (walls and ceiling) and the filling (goods in the house). In relation to the building, the capital to be insured must be the rebuilding cost of the building (not the commercial value) and the amount to be insured corresponds to the replacement cost of the goods.
Few housing insurance simulators: