Ownership Question?

[opsmama]

Hello,
Are there any extra ownership charges that may or could be assesed if the base property suffers damage, i.e. hurricane? Could any of the expense of fixing or rebuilding be passed on to the owners??????

 

[chalee94]

yes, of course.

the risk is higher for the coastal properties at vero beach and hilton head - VB nearly had an assessment due to storm damage a few years ago - but that is a risk of ownership.

 

[Chuck S]

The resorts are insured, but there is always the possibility that the insurance won't cover the full extent of the damages. As a previous poster said, there was the possibility that Vero Beach owners would have had a special assessment because of hurricane damage a few years ago. DVC even announced that this may be necessary, but in the end, insurance and recovery funds (gov't funds?) covered the repairs and no assessment was needed.

If a resort is basically demolished to the point where rebuilding is not practical, the insurance proceeds would be divided amongst the owners, and the resort would cease to exist. They would no longer be DVC Members.