Although a timeshare is a type of holiday arrangement, there are many differences between a typical holiday package and a vacation ownership. Does this, therefore, mean that timeshare owners have to take out a different type of travel insurance, or is a standard holiday insurance policy acceptable?

Certainly, many insurance policies do exist exclusively for timeshare owners, but whether you choose to take one of these out or go for a standard policy depends on a number of factors. As with taking out any insurance policy, it is always worth weighing up the pros and cons, and reading the policy carefully to see what is, and what is not, covered.

If you do decide to take out a timeshare travel insurance policy it can provide many benefits, however. As this policy is tailored to the timeshare industry, it will cover a number of elements that are relevant to timeshare owners. This may provide owners with the added protection and security that they may require.

Normally, a timeshare travel insurance policy will include cover of maintenance/assessment and exchange fees. Many policies also cover travellers who take multiple trips in one year, as often is the case for those who own timeshare. This means owners won’t have to buy a policy each time they visit their timeshare in a year, which can save money in the long run and also gives owners increased flexibility. Often, the policy will also still apply if owners buy more timeshare ownership within the time plan of their policy, such as extra points, weeks or another property on the timeshare resale market, for example.

If you own timeshare with more than one company, your timeshare insurance policy should also still cover you for this, although as with any policy, it is always a good idea to scrutinise the smallprint. Additionally, if you are part of an exchange scheme and you decide to holiday outside of your usual destination for a particular year, your travel insurance should still apply in this scenario. This should also be the case if you decide to take a different type of holiday exchange, such as a cruise, golf holiday or a spa retreat.

As well as the standard features of a regular travel insurance policy, a timeshare travel insurance policy may cover prepaid, non-refundable trip costs, covering a certain number of people in your party, as well as trip cancellation and trip interruption coverages. Some policies may also cover accidental property damage, medical assistance and lost or damaged baggage.

In some cases, you may find that your timeshare resort or club can offer you a timeshare insurance policy, especially if it is a large company. Often, this may be at a discounted price, so it is worth looking into before you take your policy out. As with any insurance policy, however, it is always a good idea to shop around to get the best deal and ensure that the policy provides the level of cover that you require. In some cases you may be able to buy a standard travel insurance policy and pay for a timeshare element upgrade, or just buy the timeshare insurance policy as a standalone option.