Property Insurance

[voxparse]

about to close on our first DVC contract but it is resale so I don’t have my hands on the DVC contract yet. My question is do I need to get separate property insurance since the ownership is deeded or is there some insurance component for the property in the yearly dues?

 

[CarolynFH]

Property insurance is included in member fees. You can probably find your new home resort’s 2023 budget online to see what else is included in them.

 

[Matty B13]

Make sure to get title insurance when buying the resale contract.

 

[voxparse]

Make sure to get title insurance when buying the resale contract.

I did thanks.

 

[_19disnA]

My parents used to own a non-Disney timeshare and they never had any type of property insurance. I can't imagine them expecting 52 different parties each owning a week to all have their own insurance. Seems that would be a nightmare in trying to submit any sort of claims. Their overall experience with owning a timeshare was a total disaster, but perhaps Disney is more reputable in how they operate theirs.

 

[Ruttangel]

Yes, insurance is included in dues, here is a usual breakdown

 

[gmi3804]

No, not technically. Personally, at least. You don't "own" the property (i.e., the four walls of the unit). You own the right to use that property, much (but not exactly) like a co-op. The association is responsible for taking out the insurance on the premises, which you've paid for in your buy-in.

 

[CarolynFH]

Here’s additional confirmation that the resorts have property insurance: https://dvcnews.com/other-resorts/h...ead-owners-hit-with-bill-for-hurricane-damage. We’re fortunate to have the Disney company to help us pay deductibles. Owners of other timeshares get hit by special assessments in such circumstances.