What if question...

[gabriellyn]

We are very close to deciding upon purchasing DVC. The disaster in Japan has made me wonder what would happen if some natural disaster occurred in the WDW area. We have homeowners insurance to cover our homes, but what about time shares? Is there insurance we could/should purchase?

Thank you for your help. I have been lurking in the DVC forums for years now and everyone here is so courteous and helpful.

 

[erionm]

DVC maintains insurance on the properties.

 

[gabriellyn]

DVC maintains insurance on the properties.

Thank you.
Does anyone have any details regarding the insurance?

Thanks again!

 

[DVCconvert]

You should consider what the exposures are.
Fire, hurricane....that's about all I can think of that's realistic or has been commonly known to exist in FL during the last couple 100 years.

DVC does maintain insurance, we all help to pay for it via our MF's.

If you're really worried I'm sure you can find additional insurance. If they'll insure against hitting a hole in one at a golf course, they'll insure your investment in a timeshare!

 

[gabriellyn]

You should consider what the exposures are.
Fire, hurricane....that's about all I can think of that's realistic or has been commonly known to exist in FL during the last couple 100 years.

DVC does maintain insurance, we all help to pay for it via our MF's.

If you're really worried I'm sure you can find additional insurance. If they'll insure against hitting a hole in one at a golf course, they'll insure your investment in a timeshare!

We live about an hour and half from the coast and we thought we were pretty insulated from any hurricanes but we still suffered quite a bit of damage from Hurricane Ike. We count ourselves lucky it wasn't worse than it was. Thankfully, we have good insurance. I know Disney is engineered to withstand hurricane force winds, but sometimes nature surprises even the engineers.

So anyway, just curious as to the details.

 

[chalee94]

VB took a hit from some storm damage a few years back. there was some concern that they would hit the VB owners with a special assessment (additional maintenance fees) but it turned out to be covered by insurance.

if VB were significantly damaged by a hurricane for example, VB owners may not be allowed to use or trade out their pts since there would be no available lodging in their owned unit at VB.

the same scenarios would apply to onsite DVC resorts, but being further inland makes storm damage less likely...

 

[gabriellyn]

VB took a hit from some storm damage a few years back. there was some concern that they would hit the VB owners with a special assessment (additional maintenance fees) but it turned out to be covered by insurance.

if VB were significantly damaged by a hurricane for example, VB owners may not be allowed to use or trade out their pts since there would be no available lodging in their owned unit at VB.

the same scenarios would apply to onsite DVC resorts, but being further inland makes storm damage less likely...

Oh yes - I remember reading about that now. Thank you!

 

[drusba]

Disney carries what you would typically think of as property insurance for your home which includes fire and hurricane coverage. Though hurricanes have hit they have generally lost much of their strength by the time they have reached Orlando but some have done some damage (e.g., one of the reasons the new Treehouse Villas now exist is because old ones suffered some some serious dmage when the remants of a hurricane blew through). You do not need to buy any separate insurance.

 

[gabriellyn]

Disney carries what you would typically think of as property insurance for your home which includes fire and hurricane coverage. Though hurricanes have hit they have generally lost much of their strength by the time they have reached Orlando but some have done some damage (e.g., one of the reasons the new Treehouse Villas now exist is because old ones suffered some some serious dmage when the remants of a hurricane blew through). You do not need to buy any separate insurance.

Thank you so much!

 

[Dean]

We are very close to deciding upon purchasing DVC. The disaster in Japan has made me wonder what would happen if some natural disaster occurred in the WDW area. We have homeowners insurance to cover our homes, but what about time shares? Is there insurance we could/should purchase?

Thank you for your help. I have been lurking in the DVC forums for years now and everyone here is so courteous and helpful.

IF something happens to a resort, or part of a resort, DVCMC has to make a decision as to whether to rebuild that resort or portion or not. IF they decide to rebuild, the affected members can use their points at other resorts just like their resort or unit was available. However, IF they decide not to rebuild, those that owned in those "units" cease to be DVC members at that time and would split any remaining insurance and similar proceeds after other expenses were paid. I'd estimate (guess) one would get around $10-20 a point depending if it were to happen today.

 

[gabriellyn]

IF something happens to a resort, or part of a resort, DVCMC has to make a decision as to whether to rebuild that resort or portion or not. IF they decide to rebuild, the affected members can use their points at other resorts just like their resort or unit was available. However, IF they decide not to rebuild, those that owned in those "units" cease to be DVC members at that time and would split any remaining insurance and similar proceeds after other expenses were paid. I'd estimate (guess) one would get around $10-20 a point depending if it were to happen today.

IF is right! Good information to know. Thank you!