The average cost of annual house insurance is dependent 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 and 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.
Keep in mind that when purchasing or renewing an existing policy on your home, 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 the premium for the house is/was CI$5,000, you would pay Stamp Duty of CI$112 (2% of CI$5k plus CI$12). The fee is due in full at policy inception and does not go to the insurance companies.
The insurance providers below are highly recommended:
Cayman Insurance Centre (Insurance Brokers)
Cayman Insurance Centre is a ‘one-stop’ insurance brokerage house for Cayman’s insurance needs offering all lines of insurance.