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 may 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.
For more information on getting insurance in the Cayman Islands, visit the Insurance page.
The insurance providers below are highly recommended:
A member of Coralisle Group Ltd. (CG), CG BritCay in the Cayman Islands offers customised business and personal insurance coverage and pension services.
Island Heritage Insurance Company Ltd.
Insurance providers for Home, Motor, Commercial Property, Liability, Contract Works and Pensions in Cayman and throughout the Caribbean.
Insurance providers in the Cayman Islands with a ‘build your own policy’ option for vehicle, home, contents, travel and liability insurance.