1.Why am I receiving a bill? What is this special assessment for?
Your Resort suffered a direct hit from Hurricane Ian. The massive, slow-moving storm dumped a historic amount of rain as it crossed the State. We had wellover a foot of rain in our area and suffered a 500-year flood event. The county’s drainage infrastructure is only designed to withstand a 100-year event. The resort suffered unprecedented flooding damage. Your bill is to cover the repair of our own property plus our share of the repairs for the other associations we belong to.
2. Why wasn’t there insurance to pay for damages due to Hurricane Ian?
Of course we have hurricane coverage, however, in Florida, a hurricane deductible isn’t the same as your normal deductible. It is significantly higher and calculated as a percentage of the value of the insured buildings. Our hurricane deductible is nearly $1M. Additionally, since the Resort is not located in a flood zone, we don’t carry flood insurance so flood damage isn’t covered (hurricane and flood policies are separate). The damage claims under the hurricane policy were under our deductible amount, and the flood damage (which was the costliest damage) was not covered.
3. I already paid my 2023 maintenance fees. Do I have to pay the special assessment as well?
Yes. Maintenance fees are set far in advance and are estimates based on history. Your regular maintenance fees include the costs needed to administer and maintain the Resort on an annual basis. Special Assessments are passed when unexpected events occur requiring additional funds. Hurricane Ian was one of those. You are required to pay the special assessment to remain an owner in good standing and use your timeshare.
4. I already reserved my 2023 usage. Will my unit be available?
Absolutely! Thank you for reserving your vacation week in a timely manner. Yes, your unit will be available. We have been able to honor every single owner reservation made on time and will continue to do so. The sooner you and your fellow owners pay the assessment, the sooner repairs will be completed.
5. What happens if I don’t pay the assessment?
If you haven’t paid, please do so immediately and make your reservation before the weeks run out. If you don’t pay, your account becomes subject to the collections policy meaning the addition of late fees, interest, and collections efforts up to and including lien and foreclosure.
6. How much time do I have to pay the assessment?
Can I make payments or do I have to pay in one lump sum? You can pay the full amount by September 1st, 2023 and save money (and help the Resort recover faster), or for an added fee, you can pay in two equal installments due on September 1st, 2023 and June 1st, 2024.
7. Is there any way that I can get out of having to pay the special assessment?
For those owners who can no longer continue their ownership and have nobody to sell or give their week to, we have an exit program called the “Wind Down” plan since 2015. It is a program that allows owners to deed their weeks to the Association in a way that doesn’t create an extra burden on those choosing to remain owners. Wind Down is available to all owners in good standing. The Special Assessment is due on
September 1, 2023. If you enroll and remit payment by that due date, you won’t have to pay the Special Assessment because you will no longer be an owner. Interested? Visit https://www.fantasyworldexitstrategy.com/ for more information and to apply.
8. How can I find out more about how the assessment money is being spent?
We believe in good communication with our owners. Visit www.fantasyworldowners.com/hurricaneian to see pictures, watch videos, and read descriptions of the damage that was incurred, what was done to mitigate, remediate, and ultimately recover from the hurricane damage. You can even take a virtual tour of the new renovations.
9. Will I be able to stay in a newly renovated villa when I come for my reservation?
Hopefully. As they are completed, they will be reserved for our owners who don’t exchange and choose to visit their home resort. Almost 30 are already complete but we still have another 40 to go. During high demand times, we might not have enough of the newly renovated townhomes to accommodate all owners on property for a given week, in which case you will be assigned to the next most recently renovated villas completed in 2020 or 2021.
10. If I come visit the property, will I be able to preview the renovations that are being done?
Yes! Look out at check-in for an invitation to “Java with the GM,” our weekly owner reception where owners are treated to refreshments and get access to the resorts management team to find out about the latest improvements and goings on at the resort. This is your opportunity to ask questions or give feedback about your ownership, your stay, or the resort in general. We will be offering all owners who attend the opportunity to tour a unit that is under renovation.