Wherever you live in the world, there is always a risk that natural disasters, accidents or thefts could affect you – this is just an unfortunate fact of life. You can, however, minimise these risks through diligent research; not only into the ins and outs of your chosen corner of Portugal, but also into the best insurance policies to cover you, your property and your possessions from arrival.
Property insurance is doubly important as you will usually find this is a mandatory condition of your mortgage agreement, so your lender will usually wish for proof that you have buildings insurance at the very minimum – and if your property is mortgaged from a Portuguese bank, you will usually be required to have buildings insurance from a Portuguese bank.
Each insurance policy will depend on the provider, and it’s vital that you understand exactly what you need to cover and the eligibility requirements for your chosen policy. The cost will also differ by provider – and we recommend that you assess any potential policies in depth to ensure that your chosen policy is comprehensive and tailored to meet your needs. It’s also a good idea to ensure the policy is written in your native language.
If you intend to rent your property out at any point, you must ensure that your insurance policy allows this. If your new Portuguese property is your second home, while you remain a UK resident, it can be a good idea to purchase your policy from a UK-based insurance provider – perhaps one that specialises in holiday homes. The benefits of this include the ability to pay for your policy in sterling and by direct debit, higher liability limits, and often a 24-hour helpline for your use in domestic emergencies.
To be contacted by, or get a free quote, from a leading UK-based holiday home insurance firm offering the above, call the Resource Centre on 020 7898 0549.
You will also need to ensure you have public liability insurance if your rent your property out – as this will cover you if any of your guests have an accident, as well as if any damage is caused to your property or possessions.
If you are purchasing your property as your main residence and moving to Portugal full-time, it’s essential that you let your insurance company know this as you need to make sure your contents value limits will be suitably high. After all, the last thing you want is to return to the UK for an extended break, only to find on your return to Portugal that you are not covered for a burglary in your absence.
Whatever home insurance policy you purchase, it’s important that you make sure everything is in place in time for completion on the property – otherwise you won’t be covered from the beginning.
Other insurance plans that you may need to look into include health and car – especially if you are moving to Portugal permanently.
Health insurance in Portugal is often wise as an expat – as you may find that the state healthcare may not provide you with everything that you are used to under the NHS.
We can put you in touch with a health insurance provider who should be able to assess your needs
All cars must have third party insurance in Portugal, and proof of this insurance must be carried at all times. As with all kinds of insurance, we highly recommend that you shop around to find the right package for you in Portugal.