Budget for about CI$500 per CI$35,000 of coverage. If you are renting a property, your landlord may have insurance to cover the contents provided in your unit, such as appliances, but anything belonging to you needs to be covered by your own policy.
The risk of theft in Cayman is relatively low; however, due to the chance of flooding and hurricane damage, contents insurance is recommended.
Insurance companies suggest you make a list of all your home contents and personal possessions, including relevant serial numbers, and the current replacement cost for each article. Photographs of items and their serial number labels stored on the cloud are a good thing to have in case of loss. These reviews will ensure you do not inadvertently under-insure your contents. The consequences of under-insuring your contents are simple: if the insurance company finds you have insured your contents for CI$10,000 when they are really worth CI$20,000, and your loss is CI$5,000, then they will only reimburse you CI$2,500 minus the deductible. This is called the condition of average and is not unique to Cayman.
You should review your insured items list every year to update the values, as these details will assist in faster claims settlements. Under-insurance is also applicable to your home insurance. You need to ensure your property rebuild valuation is current and the sums insured are adequate, especially in the current environment of high construction costs.
If you own property that is part of a strata complex, you will need to examine the policy to determine where the coverage extends, e.g. your kitchen fixtures may or may not be covered by the strata’s building insurance. If not, you will have to insure your kitchen
appliances and fixtures yourself.
Below is a list of insurance providers in the Cayman Islands who offer contents coverage.