Additional Things Buyers Should Know
Insurance
Property insurance is an essential consideration for all owners and is mandatory when a mortgage is involved. Annual premiums generally fall between 1% and 1.5% of the property’s replacement value, though costs can vary based on construction materials, location, and the level of coverage selected. For condominium owners, building insurance is often incorporated into the strata fees, providing a convenient, bundled approach to coverage as detailed in the strata’s governing documents.
Strata Fees
Condominiums typically charge strata fees, which help cover the ongoing costs of maintaining the property and its shared amenities. These fees generally include building insurance, landscaping, exterior upkeep, and the care of common facilities such as pools, gyms, and security systems.
Hurricane Building Standards
The Cayman Islands enforce some of the most rigorous hurricane-resistant building codes in the region. Modern construction must meet strict structural, roofing, and impact-resistance requirements designed to withstand severe storm conditions. These standards not only enhance safety and resilience but also contribute to the long-term durability of the property.
