Grand Cayman has a wealth of insurance companies which can provide cover for any of the following needs: home, car (auto/motor), life, health, property contents and more. This chapter explains most of the situations about insurance in the Cayman Islands.

Health Insurance

Health insurance in the Cayman Islands is required by law. Under the law, employers must obtain health insurance for employees and the cost of payment is usually split 50/50. Many insurance companies in Cayman offer global coverage as well. All self-employed persons must have their own health insurance. Health insurance rates depend on age and any pre-existing conditions. Individuals on a company's group plan will probably pay less than quoted. The average cost of health insurance at the time of going to press was as follows:

The Standard/Basic Plan

(Only provides on-Island care. Does not include dental, vision, prescriptions, out-patient doctor's visits or diagnostic procedures.)

     Individual         CI$105 per month

     Two-party        CI$209 per month

      Family              CI$308 per month

NOTE: There is a category (and rate) for the single family. Ask whether this applies to you.

Premier Plan

(Provides on-Island and overseas care. Includes dental, vision, prescriptions, out-patient doctor's visits and diagnostic procedures.)

     Individual                                        CI$475 per month

     Two-party (2 adults)                         CI$995 per month

     One adult plus children                       CI$725

      Family                                              CI$1295 per month

If your company has a group plan, then the monthly portion you will pay is approximately CI$165 for premium coverage and CI$45 for basic coverage. A family plan under a group policy costs in the region of CI$725 per month (See the Health chapter for health insurance providers). Please note that not all health insurance plans are created equal. It may be worth asking a doctor which insurance plan would work best for you.

House Insurance

The average cost of property insurance in Grand Cayman is 1.8% of the value of the property; this includes liability and building insurance. Waterfront properties can attract insurance rates of more than 2.2%. If the property is part of a strata corporation (condominium), 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. Contents insurance is a separate matter.

 It might be worth mentioning that when you go to get a mortgage from a bank, most will steer you towards a specific insurance company they either partially own or have a special interest in. Since insurance rates vary between companies, shop around regardless of the recommendation from your bank. 

Contents Insurance

Budget on about CI$500 per $25,000 of coverage for contents insurance in Cayman. If you are renting a property, insuring personal effects is your own responsibility. Your landlord may have insurance to cover the contents provided in your unit, but anything belonging to you needs to be covered in your own policy. The risk of theft in Cayman is relatively low compared to many other countries. However, due to the chance of flooding and hurricane damage, contents insurance is recommended.

 Cayman Islands insurance companies suggest that you make a list of all your home contents and personal possessions (including those of family members residing with you) and against each article write its current new replacement cost. This way you will 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. This is called the "condition of averages" and is not unique to Cayman! Brokers suggest you review your insured sum every year to update the commercial value.

 There is a 3% deductible for catastrophe claims for non-waterfront property, or 5% for waterfront property.

Note about insuring your kitchen contents: If you are the owner of a property which is part of a strata complex, then in most cases your kitchen contents, (cabinets, fridge, cooker, dishwasher and microwave) will be covered on the strata's building insurance. If you are the owner of a house (e.g., not part of a strata), then you will have to insure your kitchen appliances as part of your contents insurance. Building insurance alone will not cover the replacement of kitchen appliances. If your property is part of a strata complex and you upgrade your kitchen appliances or cabinets, it is important that you insure the upgraded amount under your content policy, as it might well not be covered under the strata's building insurance for the complex. Make sure to find out if your strata is taking into account your upgrades, as you could be covered already.

Life Insurance

Numerous providers offer life insurance in the Cayman Islands. Most banks will require a term life policy to cover your home's mortgage.