Here are some basics about the building insurance policy in Portugal.
What are the co-owners insurance responsibilities?
Insurance of the individual and common parts against fire is mandatory.
How much does it cost?
The price of the condo insurance should be agreed on an assembly´s meeting. In case the co-owners are not having any insurance, the administrator of the condominium is in charge to get a policy on the owner´s behalf, who still have to pay the premium.
How often should the insured capital be updated?
A yearly review of the insurance policy is mandatory. It is up to the co-owners assembly to decide over its update. If the co-owners shouldn´t come to an agreement, the administrator of the condominium will have to update the insurance according to the Index of Buildings (IE) published by the Portuguese Institute for Insurance (Instituto de Seguros de Portugal).
What types of insurance are there?
There are optional insurance types, like multi-risk home insurance and the multi-risk condominium insurance.
The multi-risk condomínium insurance is usually the most inexpensive insurance for a group, covering all co-owners.