Timeshares offer people an opportunity to get away from things for a while, more than just an average vacation, and tuck away in some style. Timeshares are great alternatives for those looking to stay away from hotels and find some privacy when they want a little R&R. But timeshares also pose plenty of risks for people who stop by. From damage to flooding to random mishaps out of the client’s control, getting in on a timeshare needs to be taken seriously.
With new visitors comes new liability issues that need to be taken seriously and covered individually. To guard against the myriad of possible liabilities that can come up with timeshares, there are a number of timeshare insurance options that can be chosen from. Insurance agents should be willing to discuss them with their clients in detail and help them pick the right option(s).
Options to Consider
First, there’s deed ownership to look at, which is somewhat relatable to buying a home. The timeshare owner becomes the owner of record in the county where the timeshare is built. Just like any other type of deeded real estate, this property can be sold, rented, donated or bequeathed.
Umbrella Policy
An umbrella policy is a type of insurance that is a customizable add-on that boosts financial protection when something large-scale and/or unexpected happens. Umbrella insurance takes over when a general liability policy ends and covers the leftover costs. With the built-in risk that comes with renting a timeshare and the different parties that utilize the space, an umbrella policy is the personalized kind of insurance that will keep the renter safe.
Title Insurance
Because the timeshare property may have changed hands in ownership over the years, a timeshare participant, who only sees the property a few weeks a year, will want to invest in title insurance. Title insurance is usually covered by the timeshare company, but this shouldn’t be assumed. Clients should always ask about title insurance to make sure they are covered. This optional insurance coverage protects against financial loss due to title defects, undeclared liens or other matters that could interrupt the transfer of ownership.
Deeded Timeshare Property Insurance
When it comes to things like vandalism, fire or similar losses, clients will want to invest in deeded timeshare property insurance. It’s possible that the people who were in the timeshare prior did not report an issue that comes up later when another party is there, leaving them hung out to dry. Having deeded timeshare property insurance in place will add the layer or protection needed to safeguard against those issues.
About Kevin Davis Insurance Services
For over 35 years, Kevin Davis Insurance Services has built an impressive reputation as a strong wholesale broker offering insurance products for the community association industry. Our president Kevin Davis and his team take pride in offering committed services to the community association market and providing them with unparalleled access to high-quality coverage, competitive premiums, superior markets, and detailed customer service. To learn more about the coverage we offer, contact us toll-free at (877) 807-8708 to speak with one of our representatives.