CLUE Reports: CLUE is a popular acronym in the industry that stands for Comprehensive Loss Underwriting Exchange. It is a report showing the insurance claims for the past five to seven years on your car and home. The report is created from a database. This is used by insurance companies to evaluate risks. Then they come up with rates. If you are looking for horse Property in Colorado, contact Colorado Horse Property to find an agent that is perfect for you.
CLUE Reports
Since it comes from a human-developed database, rates can be falsely increased by data entry error as well as legitimate claims. Keep a close check on it to ensure that errors have not occurred for your car or home. Fortunately the reports are free and there is even a process that will allow to fix any mistakes you find. You probably don’t want any surprises during the home buying process. If you’re trying to sell your home, why not request the personal property report on your residence? That way they know there’s no hidden damage that you made an insurance claim about but didn’t otherwise disclose.
The claim of the previous seller could impact the price of the premium of a new buyer. Therefore, you can ask for a copy of the comprehensive loss underwriting exchange report on the home you’re interested in buying before writing a contract. The buyer will get the property inspected as a condition of purchase. And yet having the C.L.U.E. report handy is just another way to ensure the buyers. They want to know that they are not buying a property loaded with hidden problems that got passed on to the insurer. For more information on what to look out for when buying a home, check out this home buyers checklist.
