Property Insurance Claims History
When in doubt always purchase flood insurance.
Property insurance claims history. While you may not have a clue about a home s past insurance claims your insurer certainly does. They get this data from the comprehensive loss underwriting exchange clue. Insurance claims history if you have ever been burgled suffered the terrible consequences of flood or subsidence damage or even survived a house fire then chances are you know the value of good house insurance and will know how much it protects you in the case of financial loss to your property.
The comprehensive loss underwriting exchange clue is a database in which insurers share information about home insurance claims to help identify a property s risks when setting. Besides your property address and insurance claim information the report includes additional data such as your social security number the name of your mortgage lender and your mortgage loan. There are two major property claim databases that contain loss history reports c l u e.
Insurance companies look at a property s past claims and use that as a factor in deciding how much you ll pay for homeowners insurance. This reports past flood claims filed by the owner but not flood damage at the property when no claim was filed. Most homeowners and auto insurance companies contribute claims history information to a database known as the comprehensive loss underwriting exchange c l u e which is available from lexisnexis.
Insurance providers look at the claims history to see if the person applying for insurance hasn t disclosed a certain condition or indicator of how the property is being maintained or if. If the owner did not have a flood policy at the time of the previous damage it is unlikely they filed a claim. You may want to check the property s history of insurance claims.
A loss history report is a record of insurance losses associated with a home or a car. Comprehensive loss underwriting exchange and a plus automated property loss underwriting system. Insurance companies share information with each other about a person s and a house s claims history in a giant database called the comprehensive loss underwriting exchange also known as clue.
