Almost a third of homeowners don’t have property insurance, according to the results of last week’s caymancompass.com online poll.
Of the 433 total respondents, some reported they live in condominiums where insurance is part of the mandatory strata fee; others said they rent and didn’t need insurance; and some didn’t live in the Cayman Islands. Of the remaining 281 people who were thus presumedly homeowners in the Cayman Islands, 90 of them – 32 percent – said they don’t have property insurance.
“It’s too expensive,” said one person.
“Home insurance is definitely needed, but there is no way that our family can afford to pay for it,” said someone else. “The annual cost of home insurance has skyrocketed since Hurricane Ivan. It would suit mostly everyone if the insurance companies would reduce the annual premiums closer to what they used to be, then more homeowners would be able to have insurance coverage.”
“I haven’t had home insurance since Ivan,” said another respondent.
“Insurance companies are a rip-off, if Ivan was any example,” commented someone else. “I stopped my coverage after Ivan; thankfully I could because my house was already mortgage-free.”
Almost two-thirds of the homeowners – 184 people or 65.5 percent of those who own homes in the Cayman Islands – said they have property insurance, but several commented on the high cost.
“I have a second mortgage called home insurance!” quipped one respondent.
“Home insurance costs are too high and need to be regulated,” said someone else.
“Legal blackmail in Cayman,” said another person.
“I find it to be an annual dilemma over whether to renew or not due to the high premium,” commented one person.
“I don’t think it is worth it and argue with husband about it regularly,” said someone else.
Another 82 people – 19 per cent of the total number of respondents – said they own condominiums and pay insurance through their strata fees.
“It’s still too expensive for what you get,” said one person. “Then when you need it, the deductible is astronomical.”
“I don’t have contents insurance though,” said another respondent. “With the remote threat of hurricanes and the constant threat of burglaries (we’ve been burgled three times and only reported one of them since the police were useless the first time) the rates for content insurance are far too high.”
Forty-six people – 10.6 percent of the total number of respondents – said they rented accommodations so they didn’t have to have insurance. None of them left comments.
Seven people – 1.6 per cent of the total – responded “other” to the question.
“Insurance is the greatest scam of the last century,” said one person.
“I rent, but I purchase contents insurance,” said someone else.
“I have home insurance forced paid by the bank,” said another person.
“We have insurance for our house. The cost per year is outrageous,” commented one respondent. “It’s been 10 years since Hurricane Ivan and the level of insurance should be reduced now. It is now time for the Government to step in and regulate the insurance companies and their charges. We pay CI$6,000 per year in insurance and we have a modest house and aren’t made of money.”
Next week’s poll question
How much confidence do you have in the current government administration resolving the George Town Landfill problem?
- A lot
- A fair bit
- A little
- Hardly any
- None at all
To participate in this poll, visit caymancompass.com
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Government to help regulate cost of insurance would be wonderful and whilst at it too, they should review the retirement age. Most banks on island have adopted the 60 year mandatory retirement age for a mortgage, so payments are higher and insurance through the roof – just how can anyone live? Oops forgot CUC and lime too.