|
Comprehensive Loss Underwriting Exchange – Affecting homeowners insurance.......the equivalent of a credit report for a house. It examines all claims reported to an insurance company for any given property for the past 5 years. Water damage…..fires…..mold. They want to know it all. The reports show the date, type and amount of loss. Apparently, the property’s history is as important as your credit history! This report will determine whether you receive the best homeowners insurance rates. 
CLUE reports let potential buyers know about water damage, mold…..or any issue that might make it difficult to insure the home. It makes sense to simply order a CLUE report on any property that you want to purchase. Many mortgage companies are starting to order these reports as standard procedure because they might get stuck with an uninsurable property in case of homeowner default.
Much like a credit report, the homeowner must order the report. You would have to ask the seller to provide a report for you. It's advisable to make all offers contingent upon receiving an acceptable CLUE report. Then, you should apply for homeowners insurance immediately upon acceptance of the contract. Insurers are looking for all the ammunition they can get to avoid losses. We’ve all seen news reports about insurance companies declining to write policies in areas that are prone to hurricanes and tornados. Water damage is very crucial to know about, because of mold problems. So, if the claim has anything to do with water, it quickly puts up a red flag. Insurance companies feel that not only are some people accident prone…..but homes as well.
Buyers should also check their own claim report. If you’ve had a lot of insurance claims, it might affect your ability to obtain more homeowners insurance coverage.
Click here to order a report on your current home. You can also order a report on yourself…..and any claims you have made within the last 5 years.Your Nashville real estate homeowners insurance will always be a most important part of your home purchase. Please visit our glossary for any unfamiliar real estate term.
As always, please contact us with any questions you have. We're here to help you today - even if you're not quite ready to buy a home just yet. Let's get acquainted so we'll know better how we can serve you. Call us toll free at 866.359.280 or at the office 615.826.0305. We look forward to hearing from you.
|
