Does DVC have insurance for their buildings in the case of hurricane damage?

[samsp99]

My thoughts are with the the folks in Florida and the hope that the loss of life and property are as minimal as possible.

Are the DVC buildings insured for storm damage? If not how does it work if they get hit hard?

 

[FlyingDonut]

They do have insurance, if you look at the budget breakdown it's a component of annual dues, just taking OKW as an example, here's an old article breaking down what goes into dues.
https://*******.com/dvc-information/financial/dvc-resort-budgets/resort-budget-for-okw/

It's not perfect, but look how much more the insurance for VB is (4x!)
https://*******.com/dvc-information/financial/dvc-resort-budgets/resort-budget-for-vb/

I can't post documents behind the membership wall, but if you log into our DVC account you can read the condo annual meeting notices and they go into more detail.

If insurance wouldn't cover something, there's a capital fund that would then have to be replenished by later dues. There were some recent (ish) FL laws regarding insurance that I believe increased dues (or were blamed for increasing dues) to increase this fund, though I'll have to rely on someone more knowledgeable to chime in more.

edit: spelling

 

[lovin'fl]

Few years back, when we owned points at HH, we had to pay an assessment to cover hurricane damage. Wasn't too crazy but extra cost on top of normal annual dues.

 

[CarolynFH]

Here’s a link to an article about the HHI special assessment. It was to cover the insurance deductible. https://dvcnews.com/other-resorts/h...ead-owners-hit-with-bill-for-hurricane-damage

 

[Sandisw]

Yes, each condo association has coverage for the building. Owners would be responsible for anything not covered by insurance via a special assessment.

If damage was severe and it was decided that it would …NOT….be reopened and fixed owners would get their share of the insurance payout.

 

[CarolynFH]

If damage was severe and it was decided that it would be reopened and fixed owners would get their share of the insurance payout.

I think you mean “it was decided it would not be reopened….”