Hurricane Ike has devastated Texas, Louisiana and the Gulf Coast states since last week when it ripped through the Caribbean, Haiti, Cuba, and the Turks and Cacaos. This storm has taken lives, downed trees, damaged buildings and caused power outages as far as Arkansas, Kentucky and Missouri.
Hotels and timeshare resorts have been affected and damaged by Hurricane Ike and as information becomes available we will learn just how significant this damage is.
Unfortunately for timeshare owners, if the timeshare property is damaged by a hurricane or other natural disaster or incident, maintenance fees and special assessments can skyrocket in price. An article published not so long ago in The Wall Street Journal, “Hurricanes Can Afflict Time-Share Owners”, relayed what happened after Hurricane Francis hit the Daytona Resort & Club in Daytona Beach, Florida. According to the Journal, “Hurricane Francis blew off most of the six-story apartment building’s roof and caved in sliding-glass doors on many of the 34 units. [Months later] only 10 units were habitable…and owners paid a special assessment of $259 per unit-week for new furnishings and remodeling.”
Some of our clients have actually paid out as much as $700-$800 in a single special assessment fee to cover hurricane damage to their timeshares.
If it is not a natural disaster that affects the additional fees you pay on your timeshare, always keep in mind that at any time the developer/owner/manager of a timeshare can increase any number of fees at his discretion.