What will you need?
Health Insurance
Depending on your needs and the degree of coverage, insurance plans in the Bahamas fluctuates widely in price. While the most complete health insurance plan with desirable features and limits can cost as much as $1,092 monthly, basic inpatient only coverage can be had for as little as $54 per month. There are options for additional coverage for dentistry, vision, and outpatient care. Local plans usually extend coverage to the USA, while coverage to other countries is provided, the insured may have to pay first, then be reimbursed.
International persons may opt to keep their plan from their home countries, which may be more affordable and provide boarder coverage. Under such circumstances, persons may find that the same is true locally as for other countries noted above – the insured may have to pay in first instance, then be reimbursed. Local service providers primarily accept local health insurance compared to insurers outside of the country.
As an employee coming into the country, most employers provide health insurance coverage as a benefit to the employees. The more competitive employers will pay 100% of the employee cost, while the employee will share, if not pay 100%, of any dependent coverage.
If your work requires extensive travel, consider travel insurance as a supplemental insurance as it will include both travel and health benefits, but the medical care is typically much more limited than with other options and is primarily for emergency care.
There are several insurance plans offering in The Bahamas. However, there are 3 main plans to consider. Depending on your needs and the degree of coverage, pricing can fluctuate widely.
Automobile Insurance
Insurance companies offer coverage in the event you are involved in an automobile accident. Third-party liability protects your financial responsibility to another individual in the event of an accident. It is the bare minimum auto insurance permitted in The Bahamas. Insurance companies also offer total loss and comprehensive policies. If your car is totaled, total loss pays the value of the car, fixes property damage to third parties, and covers medical costs for injuries to third parties. Comprehensive coverage repairs any damage to your car or other property belonging to a third party and covers any associated medical costs. It also provides new car replacement coverage for entirely new cars used for either private or commercial purposes.
Property Insurance (Home/Renters Insurance)
Homeowners insurance is a form of property insurance that covers losses and damages to the interior and exterior of a house. The coverage can be extended to contents protection which would ensure that your belongings are safeguarded. Hurricane and flooding coverage is a must as The Bahamas is located in the path of hurricanes (typical cyclones) and can have heavy rainy seasons.
If you are not a homeowner but rent a home then renters insurance should be considered. Renters insurance will provide protection for valuables like furniture, jewelry, or computers in the event of a fire, hurricane, or burglary, personal assets are not normally covered by your landlord’s insurance.
Need help securing insurance, discuss with a local specialist.