The average cost of annual house insurance is based upon a percentage of the property value and, generally, includes liability insurance. Shop around for an insurance rate to suit your needs.
When purchasing a home with a mortgage, the bank will require you to have home insurance to cover any damages while paying off the mortgage.
Home insurance coverage protects you against loss from fire, smoke, storms, vandalism, theft, and other hazards. Most home insurance plans also include contents insurance.
Waterfront properties will attract higher insurance rates depending on the value of the property, their proximity to the water, storm-protection features and height above sea level. Storm protection is treated as a separate peril with a different and larger deductible calculation. If your property is part of a strata corporation, the building must be insured in the name of the strata. Each owner then pays a portion, usually based on square footage, which is often included in the monthly strata fees. Some unit owners may seek additional protection.
The Cayman Islands Government charges a flat rate of CI$12 stamp duty on all insurance policies, plus an additional stamp duty fee of 2% of the premium for policies covering immovable property. This means that if you purchase or renew an existing policy on your home and the premium for the house is/was CI$5,000, you will pay stamp duty of CI$112 (2% of CI$5,000 plus CI$12). The fee is due in full at policy inception and does not go to the insurance companies. Shop around for an insurance rate to suit your needs.
Find out more on getting insurance in the Cayman Islands by visiting the Insurance page.
Home Insurance Providers
The following home insurance providers are highly recommended.
