Only 19% of homes have earthquake insurance coverage. Learn how to add it.
Only two out of every 10 houses are covered by seismic risk in insurance. Learn how to add this coverage to your insurance.
Has earthquake risk coverage on your home insurance? APS warning and how to have it.
The data is from the Portuguese Insurance Association (APS), shared on Notícias ao Minuto, and indicate that only two out of every 10 houses in Portugal have insurance that covers seismic risk.
According to APS, it is essential for citizens to be alerted to the risk and check which "insurance coverage they have contracted for their home".
The alert was given after the earthquake, with a magnitude of 4.7, shook the Greater Lisbon region on Monday, the 17th.
"In Portugal, 53% of homes have insurance. 34% have fire or multi-risk insurance, but without seismic risk coverage and only 19% have insurance with seismic risk coverage", says the APS, cited by Notícias ao Minuto.
APS advises all Portuguese to check if they have seismic risk coverage and if not, to add this coverage to their insurance: "It is in houses that the main savings of the Portuguese are. That's why it is so important to protect that savings," can also be read.
It is never too much to remember - "Portugal is in a seismic zone and has already been seriously affected by one of the biggest earthquakes on record, which occurred in 1755 and then devastated part of the city of Lisbon and other areas of the country. We are not facing a mere uncertainty, but a true risk, of certain occurrence, at an uncertain time," explains APS in the news.
Therefore, it is important to know that "there are individual insurance solutions to help protect citizens and businesses from losses resulting from an earthquake," and "having insurance can make all the difference in these circumstances".
How to add earthquake coverage to home insurance?
The insurance that can protect your property from the risk of earthquakes is called multi-risk insurance and if you have a housing loan, you have this insurance contracted as it is required in the financing. The purpose of this insurance is to cover damages that occur in the property or contents, as well as civil liability.
In other words, if an incident occurs on the property, it is insured through a certain capital according to the contracted coverage.
According to the Insurance and Pension Funds Supervisory Authority (ASF), there are basic and pre-determined coverages in a multi-risk insurance. However, you can add the complementary coverages you need, such as with earthquake coverage.
So, when wanting to add seismic risk coverage to your insurance, you should first be aware that the premium to pay will possibly increase. Next, you should proceed to contact your insurer. For this, you can turn to an insurance intermediary, who will assist you in ensuring the best insurance conditions with the new coverage contracted.
Want to hire a multi-risk insurance or add earthquake risk coverage to yours? Contact an insurance mediator from Poupança no Minuto and leave everything to us, it has no cost! Save yourself and talk to us now.