Well, the odds of a hurricane striking any one particular (relatively small) island during any given week are small. However, no one can can give you any assurances about when or where a hurricane may strike a particular island.

That said you can research the frequency of hurricanes for any given destination at www.stormcarib.com - use the "Climatology" link at the top left of the page and then click on "Hits & Misses", scroll down to your intended destination (in this case select one of the Turks & Caicos locations) - you'll be directed to a chart showing a chronological listing (by date) of every major hurricane/tropical storm that affected that location since 1851. Review the data and decide if you are comfortable with the odds.

You can do this for any destination in the Caribbean

Keep in mind, that regardless of what happened in the past - there's no way to predict NOW what the weather will be anywhere during a given week or so in August. Typically, in the Caribbean accurate predictions for "normal weather patterns" can only be made for a day or two in advance and you'll only get "tracking predictions" for major storms about 5 to 7 days out.

Lastly, generally speaking the further south you go, the better the odds will be you won't encounter a storm (but here again there are never any guarantees when dealing with mother nature.

Funny things, Aruba got a (small) huricanne last year! (St Lucia and Anguilla got hit too). Procvo has been dry since 2008. (september).

I go most Augusts and it's been scrumptious.

Thanks. I know you're pretty much rolling the dice with the weather. That said, which would be the best resort to stay at in TCI. I'm hearing the Somerset is tops. Any other good places? I'm willing to pay a few bucks more if it's worth it.

What is your definition of "Best"? If price in no object look at Amanyara or Parrot Cay. If you told us more about your budget and what you are seeking in a resort it would make it easier to make recommendations.

Best is relate, and ballpark average budget helps.
First off, there's not a bad place to stay in every budget.
Some like to even split, for example, half Parrot Cay, half Somerset-- m
Nice!
Some of my FACS:
Somerset
Regent palms
Grace Bay Club
Seven Stars
West Bay Club
Gansevoort

All have different personalities, and cater to different crowds, some are more kid friendly, dome more swanky. Check out the reviews here on Fodors for each.

I stayed at West Bay Club in February. It was wonderful. It is on the far end of the beach so it is very quiet. Beautiful condo rooms and great staff. Going back again next year.