Insurance for Houses under Construction in Portugal
If you want to build a villa in Portugal or renovate an existing house, you will need specific Construction Insurance. Even if the house already has a home insurance, be aware that during renovation works, the traditional home insurance will not cover any claims related to the construction work (let’s say a fire started by a machine), so it is essential to have a specific insurance to protect your investment: the construction insurance.
The construction insurance is needed not only when you do a complete construction work, it is also indicated when you do renovation works. During renovation work on an existing house, it is quite common for fires, burst pipes and flooding to occur, so construction insurance is clearly an indispensable insurance.
Insurance for Renovation Work and Insurance for Integral Construction Work
In Portugal there are two types of construction insurance, the construction express insurance for remodelling works – which as the name indicates can be taken out very quickly and is designed for small renovation works – and then there is the full construction insurance, indicated for integral construction works, which requires the presentation of some specific technical documentation.
The Decennial Insurance in Portugal
Also, if you are thinking of building a house in Portugal with the idea of selling it in a few years, you should know that there is a solution to insure the structure of the villa during the first 10 years, the ten-year insurance (Decennial Insurance). This is a very interesting insurance because it gives confidence in the work, responds in case there is any problem and attests to the quality of the property development.
Ten-year insurance is compulsory in other European countries (France, Spain), but in Portugal it is still voluntary and relatively unknown. If your idea is to put your property up for sale to both national and foreign buyers, think that they will probably demand this type of guarantee because it is common in the rest of Europe. For domestic buyers you will be offering a stamp of quality and confidence in your work.
What does the 10-year insurance cover?
The ten-year insurance guarantees material damage to finishing elements, and as well damage to building elements or installations that affect the habitability requirements and, in the long term, also covers material damage to foundations or structures that affect the stability of the villa.
Other Construction Insurance in Portugal available
- Construction / Building insurance in Portugal
- Set up Insurance
- Ten-year guarantee for damage (structure and secondary works)
- Five-year (structure) guarantee insurance
- Three-year (secondary works) Damage Waiver Insurance
- Construction Machinery Insurance
- Construction Company Liability Insurance
- Professional Liability Insurance
- Public works guarantee insurance
Contact C1 Broker for the right construction insurance for your building sites in Portugal. We offer quality and an excellent reputation, with over 26 years experience. We have differentiated solutions in the areas of Civil and Professional Liability, Construction and Erection, Machinery, as well as Decennial and Triennial damage insurance.