In Portugal, a staggering four million homes lack earthquake insurance, raising concerns about safety and preparedness. On February 17, 2025, a 4.7 magnitude earthquake shook the Greater Lisbon area, prompting calls for better risk management and insurance coverage.
- Only one million homes insured against earthquakes.
- Recent 4.7 magnitude earthquake in Lisbon.
- Minimal increase in earthquake insurance post-August.
- 19% of homes have seismic risk coverage.
- Proposal for a seismic fund under review.
- Portugal lags behind other European countries.
Why Are So Many Homes in Portugal Uninsured Against Earthquakes?
Have you ever considered how prepared your home is for an earthquake? With only about one million out of six million homes in Portugal covered for seismic risks, many are left vulnerable. The recent earthquake has reignited discussions about the importance of earthquake insurance.
Understanding the Need for Earthquake Insurance in Portugal
Despite the clear risks, many Portuguese homeowners remain unaware or unconcerned about the need for earthquake insurance. Following the August 2024 earthquake, there was a slight uptick in insurance purchases, but interest quickly waned. Here are some key points to consider:
- Only 19% of homes in Portugal have earthquake insurance.
- Lisbon has the highest coverage, with one in four buildings insured.
- Experts stress the importance of risk literacy among homeowners.
- Calls for a national seismic fund have been made for years.
The Push for a National Seismic Fund in Portugal
In light of recent earthquakes, the need for a national seismic fund has become more pressing. This fund would provide financial support for homeowners affected by seismic events. Countries like Spain have successfully implemented similar funds, raising questions about why Portugal has not followed suit. The Portuguese Insurance Association has proposed plans to the government, emphasizing the urgency of this issue.
What Homeowners Can Do to Protect Themselves
Homeowners in Portugal should take proactive steps to safeguard their properties against earthquakes. Here are some recommendations:
- Research and compare earthquake insurance policies.
- Stay informed about seismic activity in your area.
- Consider retrofitting your home for better earthquake resistance.
- Engage with local authorities about community preparedness plans.
In conclusion, the recent earthquake serves as a stark reminder of the risks faced by homeowners in Portugal. With millions of homes uninsured, it’s vital for residents to take action and consider their options for protection against future seismic events.
