The majority of your coverage concerns are aptly described in Which Homeowners Policy is Right for Me? As a lucky owner of a time share arrangement, you may have a special coverage need. The insurance world is an imperfect one. The intent is to provide coverage for most common needs. Of course, unusual situations result in coverage gaps and owning a timeshare is such a gap. Insurance is readily available to handle situations for as individually owned seasonal or secondary residences; buildings or vacant land; or personal property that is usually off premises at a non-owned location. The common timeshare arrangement may fall through the coverages available under basic and/or optional coverage forms. The gap is created by the typical timeshare arrangement which involves real property that has multiple owners. The property may be furnished with personal property that may be joint or severally owned and which is occupied by several individuals or families who have control of all of the property during their time of occupancy. Finally, the owners may have agreed to certain stipulations that govern the property. These circumstances may make it difficult to find coverages since standard policy forms are not constructed or priced to handle unusual or complex situations.

Assuming that you have a valid contract that covers your ownership interest and obligations in the timeshare property, you next need to have a copy of all the residence related paperwork to discuss in complete detail with an insurance professional. You may need to get more than one policy to cover your interest in the jointly owned property, any personal property that’s located at the residence, the joint liability exposure and any special assessments or liability assumptions agreed to under any contract. Another step may be in coordination, making sure that the coverage needs of all of the owners fit together so that no gaps exist when initially purchasing coverage. Further coordination will be necessary to make sure that, as circumstances change, the coverage is reviewed to make sure that it remains adequate. Proper coverage may be available under a specially endorse personal insurance contract or commercial coverage might be necessary. It’s foolish to generalize because the circumstances can vary substantially from one arrangement to the next. Your best bet is to discuss your current coverage and your coverage needs with a qualified agent in order to make sure that you’re protected adequately and affordably..