Storms like Hurricane Harvey of the past month will certainly create some special assessments on timeshare property owners who own timeshare properties on the east coast. With the economy like it is I am sure there will be some losers, not only for the resort itself but also some timeshare owners will find this an excuse to drop their timeshare ownership.
In all the years that my wife and I have owned deeded timeshare vacation property we have never experienced loss of a vacation week as a result of natural disasters, nor have we experience maintenance fee increases due to natural disasters.
Timeshare Ownership: What Happens in Case of Natural Disasters?
For those of you who are a part of timeshare ownership, you may have previously heard about certain areas of timeshare resorts being damaged or even completely leveled by natural disasters. Natural disasters are not always predicted far ahead of time and there are sometimes no way to protect or avoid damage from occurring to them. Disasters such as hurricanes, tornadoes, and even earthquakes can uproot an entire area and you may be left without your timeshare. There are things that you will want to do and assist with after a natural disaster strikes your timeshare property.
What Happens if a Natural Disaster Causes Damage to my Timeshare?
When and if your timeshare property is struck by any natural disaster, you will have maintenance and special fees to pay. The resort depends on your help and money to carry out your part with any repairs that will need to be done to the timeshare property and units. The resort will estimate the cost of the damage done and your maintenance fees will increase and be split equally among all timeshare members at the resort that was damaged. It has been known that some people have had to pay $ 700 – $ 800 in single special assessment fees due to hurricane damage. Others have paid $ 259 per unit-week in special assessment fees to replace furnishings and unit remodeling. The cost will usually hinge on how much damage is done, how much ought to be fixed and replaced, and if the units are livable anymore. When entering timeshare ownership, it should be discussed with the resort owners.
Without a doubt, all timeshare properties in the Caribbean and island areas are always at more of a risk of being hit by a hurricanes. Hurricanes form and intensify over ocean regions, which make these islands more prone to being hit by these natural disasters. Another area that is at risk of hurricanes is Florida and through the gulf coast. Typically, hurricanes hit anywhere from Texas over to Florida and can strike anywhere up the east coast. Some rarely occur on the west coast, as well. Hurricanes are not the only natural disaster to be concerned about. On January 12, 2010, Haiti was struck by a terrible and devastating earthquake that caused severe damage to this island nation. Most properties were destroyed, as well as any timeshares that may have been located in the area. Tornadoes are also very prominent natural disasters which mostly occur in “Tornado Alley.” The states of Nebraska, Kansas, Oklahoma, Texas, and South Dakota make up Tornado Alley. If buying a timeshare in any one of the areas where natural disasters are prone to occur, beware that damage is possible and can not always be avoided. There will be costs and fees that you will must pay, but that is part of belonging to a timeshare ownership resort.