Text by Medal Seguros
Portugal continues to be a top choice for those seeking a mild climate, rich culture, and exceptional quality of life. However, the risks of theft, earthquakes, and other natural disasters have been increasing year on year, highlighting the importance of having an appropriate and up-to-date home insurance policy, especially when considering that your home is likely one of the largest investments you will make in your lifetime.
How to insure and what to cover?
At MEDAL, we have developed an exclusive home insurance policy to protect your assets. We offer building insurance, contents insurance, and ‘All Risks’ coverage, including jewellery and valuable items. When taking out insurance, consider the following factors to determine the insured amounts:
- Reconstruction Cost – this should include not only the building, but also terraces, walls, fences, swimming pools, and other small structures.
- Contents – the amounts insured should be sufficient to replace the insured items with new ones (New for Old).
Why should you review your insurance annually?
As your home will likely be your biggest investment in Portugal, it is crucial to ensure that both the building and its contents are insured with appropriate values. Theft and natural disasters (such as earthquakes, storms, heavy rains, or even fires) are not that uncommon in Portugal, so an insurance policy with outdated insured amounts could have disastrous consequences in the event of a claim.
The importance of the indexation clause:
Including an indexation clause in your policy is essential to ensure that the insured amounts keep pace with inflation and rising costs of rebuilding and replacing items. This automatic update of the insured amounts, based on a set percentage, will prevent your insurance policy from falling short of covering the full extent of the damage in the event of a claim due to underinsured amounts.
Benefits of MEDAL’s home insurance:
- Comprehensive coverage – protection against fires, floods, earthquakes, and other natural risks. With optional coverage such as electrical risks, jewellery, valuable items, and accidental/ all risks damage, MEDAL offers robust protection against the main risks that could affect your home;
- Insured amounts update – we assist in determining, reviewing, and updating the insured amounts, ensuring that your coverage is appropriate and effective, and avoiding any unpleasant surprises in the event of a claim;
- Personalised and ongoing assistance: with a specialised claims team, MEDAL provides support and advice throughout the entire claims process, ensuring the best possible experience.
In conclusion:
Regularly reviewing the insured amounts is a prudent measure, especially in the current context of increasing natural disasters and crime. MEDAL’s home insurance offers the protection and peace of mind you need to live in Portugal, ensuring that your home and belongings are always protected.
For more information on how MEDAL’s insurance can provide a secure and peaceful life in Portugal, just contact us.
Portimão: (+351) 282 430 800
Almancil: (+351) 289 351 000
Estoril: (+351) 210 523 130
(chamadas para a rede fixa nacional / calls to the national landline)
info@medal.pt | www.medal.pt
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