Did you miss the part where I offered to pay for the policy in full for the year? So if the company has their money for a contract paid in full, why should the evaluate if you are at risk of default on payments?
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No, I did not miss any of that.
Congrats! Most people today have no idea how and/or why that is so great!
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This is true however a score of zero means that manual underwriting should be done to determine the risk and in every case the risk is MUCH less, and decreases exponentially with an increased net worth and even more so with increased liquid net worth.
In his case the insurers are just too lazy to bother doing anything outside the âusualâ template of a credit score. And they lose out because that same person will go elsewhere.
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Why did you unlist this thread? And then realist it? Just curious.
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I like my 800ish score, it opens a lot of doors for me.
RR
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I commend you as well!!
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Closing posts that I comment in is a norm in this forum. I am censored so much that I am only allowed to reply to a post 3 times a day. There are so many mods tweeking my permissions at the same time without knowing what the other is doing to me, I can only see bits and pieces of this forum.
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Wow! How about that! I was able to reply!
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A credit score is a measurement of a good debt slave. It does not measure oneâs wealth.
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Character
Good night Jim
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I understand your thought on this but also understand that someone with a credit score of zero or even of âundeterminedâ is doing exactly as well as a person with a perfect 850 (or wherever topnscore you are going with depending on the measurement) EXCEPT they are doing it without any debt accounts of ANY kind.
So technically they would be working even better at it but they also are not going to even need a credit score because they will have sufficient funds to do what they do with lout relying on any debt. Ultimately it would be the ideal credit score to have but most of us donât have a high enough income and/or low enough expenses and always the patience. Hence, although a zero score would be my preferred, I will stick with the 800+.
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I âlikedâ this but really I donât like it if that is true. Apparently I missed the history that led to it.
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Yes. What he says is an egregious misrepresentation of what has transpired.
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I had to Google that.
Bloody ex teachers.
JF
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She keeps me googling too, Proprietary Eponym comes to mind!
RR
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I google a lot of words on this forum (love all the British vernacular)! Egregious was not one I had to google though. Sadly I know it wellâŚ
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Last year I signed up with Lloyds of London, the STR rate was double our regular Property insurance but it was the cheapest I could find.
For a dozen years, up to last year, I was a Florida-licensed insurance adjuster. When I told my agent I was âthinkingâ about short term rentals she said that my insurance company would drop me from my standard homeownerâs policy immediately.
Homeowners who are renting their property need better coverage than AirBnB offers in case a guest gets hurt while renting and sues for hospital bills and injuries.
This month I received a notice from the agent who sold me the Lloydâs policy saying in two weeks the cost of my policy was being raised dramatically from $3,300 pa to $4,800. The agent bragged about the new rate, saying the next price he could find was $6,800.
I contacted about a dozen brokers, all of whom gave me bids.
Today, there are more companies that offer STR policies. I ended up with a policy that is dramatically less than what I was paying Lloydâs last year. Lloydâs required me to pay the entire yearâs policy up front. The policy I just signed up for allows quarterly payments.
Note: My standard policy before AirBnB was $1,800, the new policy I just got with STR coverage, is $2,200.
The moral of the story, shop around when your insurance is about to renew, you might be able to find something cheaper.
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