In Portugal, there are two primary types of home insurance policies available to homeowners and property owners. These insurance options are designed to provide protection and financial security in various scenarios:
Fire Insurance (Seguro de Incêndio)
Fire insurance, or “Seguro de Incêndio,” is the mandatory basic insurance for property owners in Portugal. It covers damages directly caused by fires, which can include structural damage to the building itself.
This type of insurance also often extends its coverage to other perils such as floods, storms, electrical damage, heat, smoke, steam, lightning, explosions, and damage caused by natural elements.
Multi-Risk Insurance (Seguro Multirriscos)
In addition to the mandatory fire insurance, many property owners opt for a more comprehensive policy known as “multi-risk” or “Seguro Multirriscos.” This type of insurance offers broader coverage, often tailored to individual needs.
It typically includes protection against various risks, such as public liability, contents coverage, legal protection, earthquake protection, and coverage for alternative accommodation expenses if your home becomes uninhabitable due to a covered event. Multi-risk insurance provides an extra layer of security and peace of mind for homeowners.
