A.Win
TUG Member
Please verify if my understanding is correct. I'm sure the exact handling of disasters will vary by resort though.
1. FIXED WEEK OWNERS - If you are unable to use your week, you are screwed. You will not be able to recoup any of your MFs and you cannot exchange it.
2. FLOATING WEEK OWNERS - You MIGHT be able to switch to another week. But it is late in the year, so there will likely be no availability. If your resort is nice and has lots of availability, I suppose you could get two weeks in the following year instead. In this case, I suppose the loss is partially shared by ALL owners indirectly.
3. POINTS OWNERS - You should be able to get all your points back. But this will create higher demand at all the other resorts in the system. Ultimately someone will lose because you have more points chasing a fixed supply of resorts. Some points will expire as owners are unable to use their points. Or owners could pay a fee to extend the life of the points. So the loss is indirectly shared by all point owners.
4. EXCHANGES - You are probably screwed because the cancellation period has ended. In a few cases, you might be able to get another exchange instead.
Some other related topics:
INSURANCE - If you have insurance, you will get most/all your money back. So people traveling during hurricane season should buy insurance. As people make more claims, premiums will eventually increase. Insurance companies and their stockholders suffer a big blow after major disasters.
FIXED VS. FLOATING UNITS - If your fixed unit cannot be used, but other units are open, I suppose some resorts will allow you to switch to another unit, subject to availability. If you have a floating unit, maybe you need to call to confirm or check in early? Or cancel early and select another week?
OWNING DURING HURRICANE SEASON - June to November is Florida's hurricane season. I can see the appeal of owning in the summer when kids are out of school, but it seems to me that owning in September is a big mistake. You generally pay the same MFs as other owners, but your vacation is always at risk and the exchange value is very low. One source showed that chances of rain in Orlando are 10-40% during these months. I imagine that owners are more likely to pay special assessments as well.
DEFAULTS - Some owners will stop paying MFs since they are angry about losing their vacation week. Of course, this hurts all owners.
If you think I got this wrong, please let me know. Or if you want to share how your particular resort is handling the situation, please share.
1. FIXED WEEK OWNERS - If you are unable to use your week, you are screwed. You will not be able to recoup any of your MFs and you cannot exchange it.
2. FLOATING WEEK OWNERS - You MIGHT be able to switch to another week. But it is late in the year, so there will likely be no availability. If your resort is nice and has lots of availability, I suppose you could get two weeks in the following year instead. In this case, I suppose the loss is partially shared by ALL owners indirectly.
3. POINTS OWNERS - You should be able to get all your points back. But this will create higher demand at all the other resorts in the system. Ultimately someone will lose because you have more points chasing a fixed supply of resorts. Some points will expire as owners are unable to use their points. Or owners could pay a fee to extend the life of the points. So the loss is indirectly shared by all point owners.
4. EXCHANGES - You are probably screwed because the cancellation period has ended. In a few cases, you might be able to get another exchange instead.
Some other related topics:
INSURANCE - If you have insurance, you will get most/all your money back. So people traveling during hurricane season should buy insurance. As people make more claims, premiums will eventually increase. Insurance companies and their stockholders suffer a big blow after major disasters.
FIXED VS. FLOATING UNITS - If your fixed unit cannot be used, but other units are open, I suppose some resorts will allow you to switch to another unit, subject to availability. If you have a floating unit, maybe you need to call to confirm or check in early? Or cancel early and select another week?
OWNING DURING HURRICANE SEASON - June to November is Florida's hurricane season. I can see the appeal of owning in the summer when kids are out of school, but it seems to me that owning in September is a big mistake. You generally pay the same MFs as other owners, but your vacation is always at risk and the exchange value is very low. One source showed that chances of rain in Orlando are 10-40% during these months. I imagine that owners are more likely to pay special assessments as well.
DEFAULTS - Some owners will stop paying MFs since they are angry about losing their vacation week. Of course, this hurts all owners.
If you think I got this wrong, please let me know. Or if you want to share how your particular resort is handling the situation, please share.