Home insurance in Portugal: how to choose the right one if you are an expat

Are you planning on buying real estate in Portugal? Along with bureaucratic procedures like getting a NIF and opening a bank account, you should consider options for protecting your property. This guide will explore home insurance in Portugal, key coverage areas, and necessary tips to help you make an informed decision.

Understanding home insurance in Portugal

Home insurance in Portugal is designed to protect your property against a variety of risks, including fire, theft, natural disasters, and other forms of damage. As an expat, it's crucial to understand the types of coverage available and how to select the best home insurance for your needs.

Types of house insurance coverage

There are several types of home insurance coverage you can choose from in Portugal, each providing different levels of protection for your property:

• Building house insurance covers the structure of your home, including the walls, roof, and fixtures. It's essential for protecting your house against structural damage caused by events such as fire, floods, or earthquakes.

• Contents and equipment insurance covers your personal belongings within the home, such as furniture, electronics, and clothing. This is particularly important for expats who may have brought valuable items from their home country.

• Liability insurance protects you against legal claims if someone is injured on your property or if you accidentally cause damage to someone else's property. This can include medical expenses and legal fees.

• Combined building and contents insurance: Many home insurance companies offer combined policies that cover both the building and its contents. This can be a cost-effective way to ensure comprehensive protection for your home.

Choosing the best home insurance in Portugal

Here are some essential tips for choosing the best home insurance:

• Assess your needs: Before buying a home insurance policy, evaluate the value of your property and its contents. Then, based on potential risks in your area, such as floods or earthquakes, determine the level of coverage you need.

• Compare providers: Research different home insurance companies. Look for companies with a good reputation, comprehensive coverage options, and competitive pricing.

• Read the policy details: Carefully read the terms and conditions of each insurance policy. Pay attention to what is covered and what is excluded, as well as any limits on coverage amounts. Make sure the policy meets your specific needs and covers all potential risks.

• Customer service and support: Choose an insurance provider known for excellent customer service and support. As an expat, you may have specific questions or need assistance navigating the Portuguese insurance market.

How to protect your wallet from high fees

Aside from property insurance issues, expats often have to deal with high fees and hidden commissions when transferring money home from Portugal. Luckily, with Profee, you can forget about overspending on global remittances. For example, as of July 2024, you can transfer money from Portugal to Brazil with 0% fees.

Profee is a 100% secure licensed European company. Sign up today and start sending money with little to no fees, beneficial exchange rates, and high speed. Share your support with loved ones across continents—over 65 destinations available.

Key home insurance companies in Portugal

To help you get started, here are some of the leading home insurance companies in Portugal:

• Fidelidade: One of the largest property insurance providers in Portugal, Fidelidade offers a range of home insurance policies, including coverage for buildings, contents, and liability. They are known for their comprehensive coverage and excellent customer service.

• Tranquilidade: Tranquilidade provides various property insurance options, including house insurance and apartment insurance. Their policies are customizable to meet the specific needs of expats and property owners in Portugal.

• Allianz: Allianz is a global insurance company with a strong presence in Portugal. They offer competitive home and apartment insurance policies with extensive coverage options, including protection against natural disasters and theft.

• Zurich: Zurich Insurance Group offers a range of home and apartment insurance policies in Portugal, focusing on providing robust coverage for both buildings and contents. They are known for their flexible policies and responsive customer support.

Tips for expats buying home insurance in Portugal

As an expat, navigating the Portuguese insurance market can be daunting. Here are some additional tips to make the process smoother:

• Understand local risks: Portugal has its unique set of risks, such as wildfires in rural areas and flooding in certain regions. Your home insurance in Portugal has to cover the risks specific to your area.

• Language barriers: If you're not fluent in Portuguese, look for home insurance companies that offer services in English or have English-speaking customer support.

• Legal requirements: While home insurance is not legally required in Portugal, it's highly recommended. If you have a mortgage, your lender will likely require you to have building insurance at a minimum.

• Holiday home insurance: If you own a holiday home in Portugal, make sure to get a policy that covers periods when the property is unoccupied. This will protect you against theft and damage during your absence.

Choosing the right property insurance in Portugal is crucial for protecting your home and ensuring peace of mind as an expat. Whether you need house insurance, apartment insurance, or comprehensive property insurance, taking the time to research and select the right policy will help you enjoy your life in Portugal with confidence.

Remember, the key to finding the best home insurance is thoroughly researching, understanding your coverage needs, and choosing a reputable provider. And the key to sending money on the best terms is using Profee.