Get a CLUE. Report that is.
CLUE stands for “Comprehensive Loss Underwriting Exchange.” It is a database of homeowner claims shared by insurers that is used to identify a property’s risk level when setting premiums. A clue report on a home would include the following information over the past five years: claim amount, type of claim, and date of claim.
If you are a homeowner
You can contact Lexis Nexis and request a Consumer Disclosure Report on your current address. Review the report to make sure it is accurate, and if you find an error, ask Lexis Nexis to fix it. Lexis Nexis will contact your insurance provider for verification and remove the item if the insurance provider does not respond within 30 days or cannot provide verification.
Most insurance companies look at both the property history and the claims history of the individual in determining premiums. Making sure your report is accurate is important if you are looking to switch insurance providers or sell your home.
If you are a homebuyer
Potential home buyers should ask their realtor for a copy of the “Home Sellers Disclosure Report,” which is the same as a CLUE report but without the seller’s personal information. Knowing a property’s insurance claim history helps identify potential problems that could cause costly damage in the future and increase your insurance premiums.
A home seller should be willing to provide this information. If he isn’t, you should proceed with caution. The report is an excellent way to know if a home has had any ongoing issues and their severity, then you can ascertain if the seller has successfully addressed them.
What sets Mutual Assurance Apart
Mutual Assurance Society does not look at a property’s insurance history but only at an individual’s claims history. We want to make sure new policyholders will be responsible homeowners and society members.
Unlike other insurers, we do not use this information to set premiums. Simply put, a homeowner and a home are either fits for membership or they are not. Our assessment is based on the condition and risk factors of the home and the homeowner’s claim history.
We also use A-Plus by Verisk for claims history information.