What to Look for in Timeshare Property Insurance Plans
When embarking on the exciting new adventure of owning a timeshare in a beautiful vacation destination, it is important that you do not forget to consider looking into insurance programs for timeshare properties. With specialized and full-value insurance that is specifically designed for the needs of timeshare properties and those who own them, you can rest easy. After all, that is what owning a timeshare should be all about.
A Couple of Questions for Your Insurance Broker
As you compare different insurance programs for timeshare properties, make sure to ask your insurance broker or agent a few pertinent questions.
1. How Much Liability Coverage Can I Expect? A solid insurance plan ought to have general liability insurance. However, with timeshares you may encounter a few unusual areas that need coverage. If the timeshare is in danger from hurricanes or earthquakes, look into umbrella liability coverage. If you serve on a timeshare association board, ask about liability insurance for directors and officers.
2. Is Workers Compensation Included? Since most timeshares come with hired staff to make sure the grounds and property are in good order, you may think you do not need to think about workers compensation.
However, in the event that residents or volunteers perform work and are injured, you could be liable for their damages. Check whether the insurance programs for timeshare properties cover workers compensation. With proper insurance coverage, you can better enjoy your relaxation time.