A little detective work can reveal a lot about a property's history, and could save you from unexpected surprises later. Before you buy or sell a home, order a loss history report. The five years of claims history the report offers can give you a better perspective on your biggest financial investment.
It's Called CLUE, but It's No MysteryMost insurance companies use the Comprehensive Loss Underwriting Exchange (CLUE) to lookup claims filed on a home in the past five years. If you’re the seller of a home, you can request a free CLUE report online through LexisNexis. If you’re considering buying a home, request a copy of the report from the current owner.
Accelerated Information SharingBefore CLUE, insurance companies would call a home's previous insurer to find out if damage was repaired. Now, an online CLUE report is readily available to insurers and home buyers, and accelerates the insurance application process.
The Sooner You Know, the BetterIf you're buying a house, it's a good idea to request a CLUE report at the same time you make your initial offer. If there’s been serious damage or repair to the house, you can let your home inspector know what to look for.
If you’re selling your home, reviewing the CLUE report before listing your house allows you to be completely honest to prospective buyers. You can also check repairs to ensure past problems have been properly fixed.
Calls Are Tracked, but Not a FactorIn some states, CLUE reports may include calls homeowners have made about potential claims, even if no payment occurred.
If you need help obtaining your CLUE report or have any questions regarding the issue, call Zeiler Insurance today. Our Customer Service representatives will help you through the process.
Lucas R. Zeiler
(708) 597-5900