Private client insurance in Portugal and Spain: the questions families ask
Short, direct answers to the questions high-value households ask us most — about homes, collections, second homes and how specialist cover differs from a standard policy. Each answer links to the full guide.
What is private client insurance?
Insurance for households whose homes, contents, collections or liability no longer fit a retail policy. Instead of a standard multi-risk product, the risk is underwritten individually by specialist insurers, with values and conditions agreed in writing before any claim. In Portugal and Spain we place it with Hiscox, Liberty, Zurich and Allianz.
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Who is specialist cover for?
As a rule, homes with contents and valuables from €150,000 — the minimum our specialist insurers ask for a permanent residence. Below that, a well-built standard policy is usually the better answer, and we say so in writing.
Is my villa underinsured?
If the buildings sum insured is below what it would cost to rebuild the house today, yes — and that matters on every claim, not just a total loss. In Portugal, article 134 of the insurance contract law lets the insurer pay only in proportion to the underinsurance unless the policy says otherwise; Spain applies the same regla proporcional under article 30 of its insurance contract law. Declare €700,000 on a house that costs €1,100,000 to rebuild and a €100,000 claim can be cut to about €64,000.
What is a waiver of average?
A clause that stops the proportional rule from cutting a claim. Some wordings only tolerate a margin, commonly 10 or 15 per cent; specialist high-value insurers usually waive the rule entirely once the sums recommended in their own on-site appraisal are accepted. The waiver is conditional: figures kept current and alterations notified.
Why isn’t my €60,000 watch insured for €60,000?
Because a standard contents section caps what it pays for any single article — frequently between €1,500 and €5,000 — and often limits all valuables to 20 or 25 per cent of the contents sum. The only way above the cap is to schedule the item individually, with its own agreed value.
Is losing a ring the same as having it stolen?
No. Named-perils cover responds to theft, often only with forced entry; it does not respond to loss or accidental damage. Most jewellery claims that surprise owners are losses — a stone out of its setting, a watch left in a hotel. All-risks wording covers them; standard wording does not.
My second home is empty for months. Am I covered?
Check the unoccupancy clause. Many policies treat a home as unoccupied after 30, 60 or 90 consecutive days, and then suspend theft and restrict water damage — the two most likely claims. Declaring the real pattern of use, a key-holder and documented inspections keeps the cover working.
Read the full guide: Empty second homes and the unoccupancy clause →
How should I set the buildings sum insured?
On rebuild cost, not market value: what it costs to demolish, clear and rebuild the same house with the same finishes, plus walls, pools and outbuildings. Some specialist insurers, Chubb among them, carry out an on-site appraisal at no cost for higher-value homes and, once their figure is kept, guarantee the rebuild even if costs exceed the sum insured.
Do I need a separate policy for art?
Not necessarily — but art needs agreed values, cover in transit and on loan, and a clear rule for pairs and sets. Collections that move between London, Lisbon and Madrid need wording that follows them, and a valuation that is kept up to date.
Can one policy cover my homes in Portugal and Spain?
Where the insurer writes both countries — Hiscox does — yes: one adviser, one renewal, and conditions that read the same on both sides of the border. Where it does not, we coordinate two policies so limits and exclusions do not leave gaps between them.
We are renovating. Who insures the works?
Usually nobody fully, unless it is arranged. The contractor’s policy covers the contractor’s work, not your existing house, and many home policies restrict cover while works are under way. Construction all-risks, owner’s liability and a clean handover back to the home policy close the gap.
Read the full guide: Insurance for luxury home construction →
What will the insurer ask of me?
An on-site appraisal for higher-value homes, valuations or certificates for scheduled items, and security conditions — a rated safe, an alarm of a stated grade, sometimes monitored. They are conditions, not suggestions: if one is not met at the time of a loss, the claim can fail.
Do you need to know my net worth?
No. We never ask for total net worth — only what each risk needs to be underwritten: the house, the items to schedule, the liability exposure.
How quickly do we get an answer?
A written opinion in 24 to 72 working hours. Adler & Rochefort is an ASF-registered insurance broker, no. 425591790/3, not tied to any insurer, working in Portugal and Spain.
Adler & Rochefort is the commercial brand of Ownizo, Unipessoal Lda., an insurance broker registered with the Autoridade de Supervisão de Seguros e Fundos de Pensões (ASF) under no. 425591790/3, not tied to any insurer. This page is general information, not advice on a specific case, and not an offer of insurance. Cover, limits, conditions and premium are set by the insurer and governed by the policy issued.