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I started to say.......... who pays insurance for a timeshare? LOL!!!! You are right, a timeshare owner does NOT pay for insurance or taxes. We only pay for the intial cost to "purchase", the yearly maintenance fee and the exchange. ...
We paid separately for our taxes and maintenance. The taxes were cheap compared to the maintenance fees.
I started to say.......... who pays insurance for a timeshare? LOL!!!! You are right, a timeshare owner does NOT pay for insurance or taxes. We only pay for the intial cost to "purchase", the yearly maintenance fee and the exchange.
This may not be correct, but I was told that once the property was paid for and PITI was no longer deducted in the mortgage payment that the owner is liable for taxes and insurance. It may be taken out of the maintenance fee, but I cannot see how that would be possible since differnent people might want different insurance coverage depending on their individual needs. Again, since I am not a timeshare owner myself, I cannot say if this is accurate or not, but it just seems to me that including it in the maintenance fee would not be right.
This may not be correct, but I was told that once the property was paid for and PITI was no longer deducted in the mortgage payment that the owner is liable for taxes and insurance. It may be taken out of the maintenance fee, but I cannot see how that would be possible since differnent people might want different insurance coverage depending on their individual needs. Again, since I am not a timeshare owner myself, I cannot say if this is accurate or not, but it just seems to me that including it in the maintenance fee would not be right.
20yrsinBranson
I paid cash for my time share, and my taxes and insurance have always been bundled into my maintenance fee. I'm given a statement every year that breaks the taxes down independently for tax purposes.
Timeshares are in essence condominiums, so one insurance policy covers it all. Individual owners don't buy thier own policies, since they only own a fractional share of the property and contents.
And if you were staying in a timeshare and it burned to the ground and you lost your luggage and clothes and such, just like if you were in a hotel your primary homeowners insurance would cover you.
This may not be correct, but I was told that once the property was paid for and PITI was no longer deducted in the mortgage payment that the owner is liable for taxes and insurance. It may be taken out of the maintenance fee, but I cannot see how that would be possible since differnent people might want different insurance coverage depending on their individual needs. Again, since I am not a timeshare owner myself, I cannot say if this is accurate or not, but it just seems to me that including it in the maintenance fee would not be right.
20yrsinBranson
Paid cash as well and don't pay taxes and insurance seperately at all. We don't "own" the furnishings IN the unit. So no need for a seperate insurance policy at all. Your thinking of where a person owns the entire unit by themselves and furnish it and such. Then you would want insurance on YOUR OWN unit. Timeshares are different.
Quote:
Originally Posted by annerk
I paid cash for my time share, and my taxes and insurance have always been bundled into my maintenance fee. I'm given a statement every year that breaks the taxes down independently for tax purposes.
Timeshares are in essence condominiums, so one insurance policy covers it all. Individual owners don't buy thier own policies, since they only own a fractional share of the property and contents.
And if you were staying in a timeshare and it burned to the ground and you lost your luggage and clothes and such, just like if you were in a hotel your primary homeowners insurance would cover you.
Same here. Only pay the maintenance fee once a year.
We even get additional insurance coverage whenever we travel to our timeshare or thru them be it exchange or getaway. We have additional travel insurance, medical insurance, etc. They cover if we need medical evacuation or whatever. The insurance thru Interval is SOOOOO much better and more coverage than the high dollar travel insurance thru the airlines.
We buy travel insurance when traveling outside the US, mostly for the evacuation insurance. When traveling domestically we don't, we don't feel the possibilities of financial loss outweight the cost of insurance.
We buy travel insurance when traveling outside the US, mostly for the evacuation insurance. When traveling domestically we don't, we don't feel the possibilities of financial loss outweight the cost of insurance.
The travel insurance is a joke nowadays. A few years ago we were traveling to Florida (Ft. Lauderdale for a week then down to The Keys for another week). I had bought the travel insurance thru the airline. The day before we were to leave a hurricane was coming into the Ft. Lauderdale/Miami area. I called a few days ahead and inquired and then the day before our departure. It ONLY covers us to cancel for a hurricane IF the hurricane hits WHERE WE LIVE! NOT if it hits where we are traveling TO! We were lucky in that it was a pretty weak system but it was still a "hurricane" and not a "tropical storm". We still went and had fun but that first day the wind was pretty intense. After that I have NEVER even bothered to read the insurance offered as I'm not going to waste the money on it. I had only bought it because of the chance of a hurricane and we had a family member that was very sick at the time that we knew was not going to be around much longer.
Same trip we had 3 bags not show up when we landed. My husbands was the ONLY bag that made our flight. Great...... 3 females and not one bag. You, the guy where we can stop at any cheapo souviner shop and buy some trunks, sandals and t-shirt and yours shows up. URGH! Our youngest daughters and mine finally showed up that night. Older daughters was "lost" but they thought it MIGHT show up the next day. Called the travel insurance on that one as well........... HA! Only pays if it does not show up after something like 45 days. So off to Target we went to buy her a swimsuit, a change of clothes (she had one in her carry-on), pj's, more undies. No way to claim to get reimbursed for it as her bag showed up later on. It's a total ripoff, imho.
As long as I'm trading w/ Interval we have travel insurance so I don't have to worry about buying additional coverage. And it covers if the area we are going to gets hit by a hurricane.
What is some good advice on timeshare ownership? Would you reccommend timeshare from an established hotel chain like marriott or hyatt? Which time share companies are reputable? How much are you guys paying in yearly maintenance fees and is there a limit to how much they can increase them? Thanks in advance.
i recomend not to buy one, especialy not from the resort u pay much more. I did find a company that is legit and sells them much less than the resort Time Share Globe their # is 727 450 0450, they sold mine and have many cheap ones for sale/ my rep was steve powers, he was very knowledgeable and seemed honest
i recomend not to buy one, especialy not from the resort u pay much more. I did find a company that is legit and sells them much less than the resort Time Share Globe their # is 727 450 0450, they sold mine and have many cheap ones for sale/ my rep was steve powers, he was very knowledgeable and seemed honest
This sounds like a shill.
Like people have said before, read the free articles and go to the forum at www.Tug2.net before you even think of buying a timeshare. The industry is full of con and scam artists. Even the so-called name brand companies often use unethical practices. They have a list of reputable sellers of timeshares in the buying section of the forum. If you post what you are looking for, you'll get a ton of advice from the members there.
i have been trying to sell my timeshare for many years.. No luck,, got ripped,, did however rent through tsg a guy named Steve powers did offer me a way to rent and it did!! I was surprised,, and bewildered Finally someone did what they promised... I recommend Timeshare Globe and Steve Powers!!
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The insurance thru Interval is SOOOOO much better and more coverage than the high dollar travel insurance thru the airlines.
We were lucky in that it was a pretty weak system but it was still a "hurricane" and not a "tropical storm". We still went and had fun but that first day the wind was pretty intense. After that I have NEVER even bothered to read the insurance offered as I'm not going to waste the money on it. I had only bought it because of the chance of a hurricane and we had a family member that was very sick at the time that we knew was not going to be around much longer. 
