insurance for DVC?

[jnrrt]

We're new DVC owners, and I just wondered, in light of the hurricane (which is absolutely beyond my comprehention horrible), if something were to hit a resort, does anyone carry insurance on their DVC membership? Are you even able to, since we don't actually own anything? Or could it be a rider on homeowners? Someone out there who does lots of timeshares should know this.

I was just wondering since if I made any other purchase of this size, you'd bet I would have insurance of some kind on it.

Anyone know?

 

[wtpclc]

I think insurance is covered in our MFs. It seems as there was a lot of discussion about this when VB was hit last year.

 

[AlaskaMOM]

I believe that is what the maint. fees are for (Please correct me if I'm wrong!) in addition to housekeeping costs, front desk, maint. workers, utilities, taxes, insurance is included.

 

[SleepyatDVC]

I would imagine that WDW had insurance on their own properties or they may self insure. They repaired VB after the hurricanes.

Now if the structures had to be torn down and rebuilt, not sure what would happen to our points for those years that we couldn't use them or if we would get hit with special assessments.

Never heard of insurance on timeshare. Wouldn't buy it even it available.

 

[tjkraz]

Now if the structures had to be torn down and rebuilt, not sure what would happen to our points for those years that we couldn't use them or if we would get hit with special assessments.

Here's a quick-and-dirty summary:

If they had to be re-built, members would be responsible for any costs not covered by insurance. DVD does maintain reserve funds to cover unexpected expenses, so there may or may not be any huge impact on member dues.

If DVD should choose to not rebuild a destroyed resort, all owners would equally share (commensurate with the number of points owned) the insurance proceeds.

 

[jnrrt]

Now that's interesting. I was thinking that not only do you lose your resort, but the ability to be part of the DVC system. So in essence, you're also losing access to the other resorts if they choose not to rebuild, which is what they are using as a major selling point right now. And with every year that passes, you pay more for the contract, and get fewer years, so you wouldn't just buy another and come out the same. I also wondered about compensation for loss of use if something needed to be repaired or reconstructed since it would be hard to prove who would actually have used the resort in any given time frame.

 

[wtpclc]

Although they sell the resorts on ability to book anywhere, that is not guaranteed. If one resort is out, the other resoirts would not likely have room to accomodate teh extra DVCers. Hmmmm... Makes being in borrowed status look better and better.