Hurricane and Your Timeshare

[capstoneds]

I am considering a second purchase of a beach timeshare, but I am wondering what would happen to my costs if the timeshare was severely damaged. Take for example, hurricane Wilma and Cancun.

Of course, insurance would cover most of it, but what about the rest? What about beach restoration? Are owners compensated for weeks when the place is uninhabitable?

Does anyone know of a real life situation such as this, and what happened to the owners?

Thanks

 

[gmarine]

A special assessment to pay for the insurance deductable and things not covered by the insurance is very likely as would an increase in maintenance fees.

Typically you wont be compensated for the loss of your week if the resort is uninhabitable during your deeded week. This is similar to what would happen if you owned a condo and the resort was damaged and your condo was unihabitable for a time.

 

[Dave M]

I agree.

As for examples, there have been a number of hurricane damage stories reported here. Some have resulted in special assessments. Some also involved a loss of use during the repair period.

Is it possible that your resort could be destroyed or almost destroyed in a hurricane? Yes? Is it likely? No. For all of the real estate in hurricane-prone areas of the U.S., only a very tiny fraction is ever significantly impacted by a hurricane to the extent that a special assessment or significant loss of use would result.

 

[pwrshift]

I think Ocean Pointe owners got hammered with a special assessment for this year, but not sure if it is a one year thing or the amount.

But it's not just hurricanes ... Marriott Kauai got hit big time for a huge sinkhole last year.

Brian

 

[Steve]

Not fun when your resort gets hit

Having owned at resorts on both Sanibel Island, FL and Marco Island, FL, I can tell you that hurricanes and timeshares are a bad combination. Both islands have been hit by hurricanes in the past few years. Sanibel was hit particularly hard. My maintenance fees there went from $760 a week to $1100 a week in one year. Ouch!

I guess the good news was that the resort didn't have a special assessment. But the huge jump in maintenance fees was more than I was comfortable with, and I sold out.

Steve

 

[JBRES1]

Ocean Pointe hurricane costs

Ocean Pointe got hit with a special assessment of about $150.00 per week to cover the damages not covered by insurance. We also got a 92% increase in insurance costs and higher landscaps fees.
Ocean Pointe fared better than many other ocean front timeshares in part because the buildings are built post hurricane Andrew. Ocean Pointe had to be built toto a tougher building code than some of the older resorts. Ocean Pointe is built like a Brick **** house. Those pre stressed concrete floors and block construction walls should hold up quite nicely to a storm. Ocean Pointe's weak spot it the water damage caused from the blowing wind that gets thru the patio doors.
What I'm trying to say in my round about way is buy a timeshare thats built to last.
Jim Breslin