Hurricane impact on MF

[Cyberc]

Hi Tuggers

While we all hope for the best, i'm wondering how the hurricane could impact the annual MF for all the resorts struck by the hurricane.

I know that each resort has an insurance but I would expect that cost to rise if a given resort faces massive damages or if multiple resorts from the same insurer faces massive damages due to the hurricane.

Looking to the past has the annual MF increased more due to hurricane damages or has the increase been the same with/without hurricane damages?

 

[alwysonvac]

I remember Florida getting hit with higher insurance rates in 2007 which also impacted maintenance fees.

Homeowners Insurance Cancelled! (Nov 2007) - http://www.tugbbs.com/forums/showthread.php?t=58171
My Florida Homeowners Insurance rose 50% (Feb 2007) -http://www.tugbbs.com/forums/showthread.php?t=41132

HGVC: Never a special assessment! (Sept 2006) - http://www.tugbbs.com/forums/showthread.php?t=31445
HUGE Hilton Fee Increase for 2007 (Nov 2006) - http://www.tugbbs.com/forums/showthread.php?t=35191
HGVC SeaWorld and Flamingo Maintenance Fees for the last ten years (2012) -http://www.tugbbs.com/forums/showthread.php?t=179539
Hurricane (Dec 2007) - http://www.tugbbs.com/forums/showthread.php?t=61358

 

[Talent312]

Lucky me... I just closed on a TS in SE Florida... on the beach.
PBC at Indian River Plantation, Hutchinson Island near Stuart.
Oh, joy.

Perhaps the seller had a crystsal ball and saw it coming.
.

 

[rapmarks]

For homeowners, four per cent deductible for hurricanes and high preiums


Sent from my iPad using Tapatalk

 

[csxjohn]

Many years ago in Orland my resort had some major hurricane damage and it did not affect our MFs.

 

[Cyberc]

Thanks everyone. Let's see what the future brings.

 

[tompalm]

Maintenance fees in Florida or other hurricane areas have higher maintenance fees than places like Vegas because owners have to pay hurricane insurance during the past as well as the future. If the hurricane fund dries up, the insurance will go up and so will maintenance fees. It really depends how much money the insurance company has in reserve after all the payouts and how much they are required to maintain. Twenty years ago, we owned a RCI resort up on Pensacola Beach that got hit three times in five years by a hurricane. Each time there was a special assessment because the timeshare had to pay a large deductible out of their reserve. Hurricane insurance paid for most of the damage, but there was a deductible and each owner paid about $500 to bring the reserve funds up to the required amount. The resort was closed for months. But I think RCI allowed people to bank units that were not available and nobody lost a week's use. Overall, it was not too bad.