Fire insurance, which covers the risk of damage caused to the property by fire, is compulsory for buildings in horizontal property regime. It must cover each autonomous fraction and the common parts of the building (roof, stairs, lifts, garage, etc.).
The insurance should be taken out by the owners of each apartment unit (apartment owners). If they do not do it on time and for the amount decided by the apartment owners' meeting, the building manager should do it and then be reimbursed by the apartment owners.
The obligation to insure against the risk of fire may be fulfilled by taking out an insurance policy of the "Fire and Natural Elements" type or included in a "Multi-risk" insurance policy.

It is the responsibility of the Policyholder to indicate the capital to be insured.
The insured capital value for buildings should correspond to the market cost of their reconstruction, taking into account the type of construction or other factors that may influence that cost or the land value (in the case of buildings for expropriation or demolition). With the exception of the value of the land, all elements should be taken into consideration for the determination of the insured capital, including the proportional value of the common parts.

The insured capital value of furniture or contents shall correspond to the replacement cost of the goods, at their value when new. 
Quando apresentar a proposta de seguro, deve identificar e discriminar os designados “objetos especiais” (ouro, prata e jóias, obras de arte, antiguidades e coleções de qualquer espécie) a segurar e a sua valorização. As Seguradoras na ausência da referida discriminação, em caso de sinistro, limitam a indemnização a um valor unitário máximo reduzido (o valor varia de Seguradora para Seguradora, no entanto o referencial são cerca de 1.500€) e a um valor agregado máximo de 7.500€ (referencial de mercado).

It is very important that the Policy Holder accurately inform the Insurer about the specific conditions of the risk in question, namely: Year of construction/reconstruction, state of conservation, construction materials of the building, existence or not of safety measures, accident history and other relevant information.
All this information determines the acceptance or not of the risk and the premium to be practised by the Insurer, in case of omission or adulteration of the information relative to the risk and in case it has a relevant impact on the risk assessment, the Insurer may, in accordance with the Insurance Contract Law, decline the claim.