Undoubtedly, as a homebuyer, you are concerned with home insurance claims made on a property you are considering purchasing. Be better informed by knowing the insurance history issues up front. Buyers can be declined insurance because of the history of the house.
All lenders require property insurance. If the consumer is refused homeowners insurance because of high risk, the mortgage company may insure at a higher premium rate, the homeowner could be forced to purchase costly high risk insurance, or the loan could be refused.
C.L.U.E. is an acronym for Comprehensive Loss Underwriting Exchange. This database tracks claims on property, and property owners. It contains up to 5 years of loss history. The report contains dates and types of losses and amounts paid out for each loss. Types of claims include water damage, fires, mold, earthquakes, tornados, and other losses.
If you find that claims have been made, ask the seller to provide receipts for the repairs made on the loss. If the loss was due to water damage, mold may be an issue.
Insurance companies voluntarily submit information to the C.L.U.E. repository. Homeowners can access C.L.U.E. reports on themselves and their own properties. Buyers may also request a copy of their personal insurance scores, which insurance companies often use to determine the insurance risk of a consumer.
A C.L.U.E. report available to homebuyers can be a good selling tool in a buyers market.
Property owners can order one free report every year under the Fair and Accurate Credit Transaction Act of 2003.
For more information on the C.L.U.E. Report, please go to www.choicetrust.com
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