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Thread: Hilton Head Owners Hit with Bill for Hurricane Damage

  1. #1
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    Default Hilton Head Owners Hit with Bill for Hurricane Damage

    Hurricane Matthew caused financial pain for owners of one Disney Vacation Club property.



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    I think if I was an HHI owner I be giving a sigh of relief that I will only pay 11.33 cents per point more for years instead of 75 cents for this year alone. And be thankful the resort was only closed for less than a month.
    --Denise

    Scheduled upcoming Disney trips:


    11/30/17 - 12/14/17 - Bay Lake Tower at the Contemporary Resort
    03/01/18 - 03/08/18 - Copper Creek at the Wilderness Lodge

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    I'm a little confused. The title of the original thread implies to me that I should prepare myself to be receiving a bill in the mail, like a one-time assessment. However, the article says only that our dues are going up next year. Which is it? Because if it's just an explanation of dues going up next year for us owners at HHI, I'm definitely doing what Denise said-breath a BIG sigh of relief!

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    Quote Originally Posted by simbasmom View Post
    I'm a little confused. The title of the original thread implies to me that I should prepare myself to be receiving a bill in the mail, like a one-time assessment. However, the article says only that our dues are going up next year. Which is it? Because if it's just an explanation of dues going up next year for us owners at HHI, I'm definitely doing what Denise said-breath a BIG sigh of relief!
    Essentially there IS a special assessment. $750,000 to shared by all owners. However, Disney is loaning that money to owners, and will recoup it over the next 4 years.

    The portion of the loan being paid this year amounts to $.1133 per point. An owner of 200 points will pay $22.66 for storm damage in 2017. And the amount will likely be larger in 2018-2020 since the 2017 bill is for less than 1/4 of the total.

    Not a huge amount, but still an extra expense which wouldn't have been billed if not for the storm.

    It's also possible that insurance premiums will see an extra increase in 2018. The hurricane hit so late that it may have been too late for the insurer to factor it into 2017 rates.

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    Quote Originally Posted by TimK View Post
    It's also possible that insurance premiums will see an extra increase in 2018. The hurricane hit so late that it may have been too late for the insurer to factor it into 2017 rates.

    This hike won't be unique to HHI Owners. Insurance providers know they can't hit an area with storm damage with 20% - 50% rate hikes to cover their out of pocket expenses so they up the premiums 5% or so across the board to ALL their customers. I've never submitted any claims to my Home Owners Ins Co but I've had BIG jumps due to Katrina and others. Ins Co flat out told me so.

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    Here in Texas from time to time insurance companies actually drop insurance coverage in hurricane prone counties.
    --Denise

    Scheduled upcoming Disney trips:


    11/30/17 - 12/14/17 - Bay Lake Tower at the Contemporary Resort
    03/01/18 - 03/08/18 - Copper Creek at the Wilderness Lodge

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    Quote Originally Posted by denlo View Post
    Here in Texas from time to time insurance companies actually drop insurance coverage in hurricane prone counties.

    Have you noticed that virtually EVERY storm in the pipeline is named, even tropical storms. It wasn't always like this.

    I assume this applies everywhere, but apparently here in Jersey any Named Storm causes your deductible to go up 10 fold if your home is in an area deemed to be Shore or Coastal. This includes homes on the Bay side also.

  8. #8
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    Since 1953 tropical storms and hurricanes have been named from a list set up in advance by the National Hurricane center. Now the Weather Channel has decided to name storms that are not hurricane related and are often snow storms. They think it is easier to remember. This naming is not officially recognized either so not everyone uses the names either. I think it is excessive naming so many storms or fronts each year.
    --Denise

    Scheduled upcoming Disney trips:


    11/30/17 - 12/14/17 - Bay Lake Tower at the Contemporary Resort
    03/01/18 - 03/08/18 - Copper Creek at the Wilderness Lodge

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    Default The math looks a bit off to me

    $155,000 x 4 years doesn't even pay back the principle. Could it be 5 years instead of 4? That would seem closer...
    Either way, it's very nice that DVC is carrying this out longer for the owners there!

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    Quote Originally Posted by UNYboater View Post
    $155,000 x 4 years doesn't even pay back the principle. Could it be 5 years instead of 4? That would seem closer...
    Either way, it's very nice that DVC is carrying this out longer for the owners there!
    The loan is to be repaid over 5 years.
    DVC Mike

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