Building and homeowner's insurance is required by law in Portugal. The correspondingly combined policies are offered by all insurance companies under the name "Seguro Multirriscos." If you finance your property with a Portuguese bank, the conclusion of a policy is usually already included in the bank's contracts. The policyholder is responsible for keeping the insured capital of the building insurance up to date throughout the entire term of the contract.
You should focus on the costs for the reconstruction of the property, taking into account the same construction and other factors. As a rule, the leading insurance companies in Portugal offer very similar insurance terms. The buildings and household insurance are usually offered in three performance classes. The insured property value is particularly decisive for the price of the insurance. Here it would help if you chose a realistic amount in order not to risk underinsurance.
Values that are too high also make no sense, since insurance companies only finance a proportionate property in the event of damage. The costs for medium-sized buildings and homeowner's insurance are usually between €200 and €300, depending on the location and type of the property.
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