Home insurance (fire cover)

What it is

Fire cover on a home. For buildings held in propriedade horizontal, fire insurance is mandatory and must cover both the autonomous fraction and its proportional share of the common parts. Full multirriscos cover is not itself mandatory; only fire cover is. Mortgage lenders generally require broader multirriscos cover together with life cover.

Who needs it

Owners of each fraction. Where an owner does not take out cover within the period and for the amount set by the condominium assembly, the administrator must do so and may recover the premium. A tenant requires only contents cover, which is optional unless the lease provides otherwise.

Where to get it

Any insurer authorised by the ASF. Cover for the common parts is normally arranged by the condominium.

Does it expire?

Policies typically run for one year with automatic renewal. For building fire cover the annual update of the insured capital is mandatory; for contents it is recommended. The insured capital reflects reconstruction cost rather than market value. Where it is not updated, the proportional rule may apply and reduce a payout.

You need this first

• Deed of saleRequired