Hurricane Coverage for Timeshare

Hi all

For the past two years i%26#39;ve been on tripadvisor i%26#39;ve posted and spoken to many a timeshare or vacation owner.What type of coverage do you have if a hurricane wipes out your resort.Are you out your timeshare?Being that you own a week and have trade posibilities are you out of luck on your trade if a hurricane ruins your vacation.I know Maui is a real longshot on this but.....

thoughts?

Hurricane Coverage for Timeshare

We can purchase trip insurance for natural disaster and illness about $49 per the week you reserve.

Some resorts will let you reschedule even if you don%26#39;t have trip ins.That%26#39;s what happened with our friends who are on the east coast.Their resort was

';closed'; for two years so they got their weeks and extra bonus weeks banked with RCI. can%26#39;t remember if they had to pay to withdraw from the bank or not.

Great question..I%26#39;m going to check our by-laws and whatever and find out about our Maui resort.

Hurricane Coverage for Timeshare

Would travelguard cover a timeshare?

No.... you dont have anything to insure. You are not a property owner, you are a points owner. Its like insuring your purchase of a stock or bond.

In time shares you no longer purchase a piece of a building... you buy ';points'; which are worth only what you will pay for them and have no real value.

You dont own anything... If the physical property were sold, you would have little recourse. Talk to your Lawyer or Accountant... and weep.

All financed private homes and condos in Hawaii are required by their loans to carry Hurricane insurance and built with building codes that have hurricane features.

Private homes are one thing but what about the resort in hawaii you just traded for?

traded what????....its all points...which are not worth anything ,only to you.

The resorts own insurance... but you have no legal stake in said resort. They have no liabilty to you whatsoever. You have no legal position for a claim. This is why timeshare are such lousy deals.

Example....when Mauna Kea closed due to an earthquake

they canceled existing reservations.... and future ones. Nobody got financial compensation except the owners of the property. Guests would need travel insurance to protect them.

Dan, there are two general types of time share interests in Hawaii:

1. ';Time share ownership plan'; where the buyer has a defined ownership interest in and right to use the real property.

2. ';Time share use plan'; where the buyer gets a right to use a designated facility for a ';specific or discernable period by temporal division';, but not an ownership interest in the property.

For years, after cleaning up the corrupt industry in the early 80s, ';ownership'; was the only allowable option in the islands in order to protect the purchasers. But when giants like Trendwest/Wyndham, Hilton, Marriott and others starting pushing their agendas, the ';use'; concept was permitted.

The ownership of the TS ';use plan'; units are to be held in a trust which ';insures'; their being able to fulfill their contracts even if the plan fails. Righhhhht, wait until one goes under and see what they end up with (10% off coupons to buy in the plan taking its place).

Nowadays the new development market does seem to be ';use/points'; driven, but there are still some new plans around who sell ';ownerships';.

As to the OPs question on hurricane insurance, most new commercial constructions in Hawaii are designed to survive multi-century events, and since there are insurers (and reinsurers, which all companies offering policies in Hawaii utilize), any condo and/or time share project should carry a policy with the costs passed on to the ';owners';.

If not, vote for new association boardmembers at the next condo election.

Dan Dan Dan, that is most definetely Maui TA stink eye. Right now you are leading and Caddy might be handing you a nice bomdigity travel cert as your prize come December.

Thanks Amberloo for setting the record straight. We have had fee simple owernship with a registered deed for 14 years. I%26#39;ve never bought points. Would sit through a presentation and think..something is not right.

Dan, when I present you with the award in December, please try not to rudely snatch it out of my hand.

I%26#39;ll wear my pink speedo for you provided you don%26#39;t complain. (Wink: Dan!)