Insurance

In the Cayman Islands you have a large selection of different insurance companies which will provide coverage for: house and content, car, life, health and more.

Health insurance
Health care is provided by the government and private practioners. All residents must have health insurance, and half is usually covered by the employer; if you are self employed you will be required to purchase your own health insurance.

House insurance
On average house insurance is 1.8% of the property value; this includes liability and building insurance. The rates are different depending on your location and type of property you own.

Contents insurance
Minimum coverage for content insurance is $25,000 at most companies, you can estimate that cost will be $600 for minimal coverage. If you are renting a property, insuring your personal effects is your own responsibility. Your landlord may have insurance to cover the contents provided in your unit but anything that belongs to you needs to be covered in your own policy.

Car insurance
Unless you have proof of purchase of car insurance, you will not be able to transfer title on a car. The average cost to insure a compact car under $10,000 is about $1,000. Keep in mind that there is no fire or theft insurance in the Cayman Islands; a while back there was a large number of cars that mysteriously caught fire in the far end of the island; stolen cars must be taken off island in order for it to be missing, otherwise the car is misplaces or just lost. You may be able to get some discounts on insurance if you have a letter from your current insurance company stating that you have had no claims in the last year or more.

Source: New Resident Magazine (2006)