What is clue report

Expect higher premiums and limited coverage if your C. You may want to obtain them every 12 months. If you find inaccuracies, correcting your reports might be time-consuming, but doing so ensures you get the best coverage options possible, says Dunstan. If you find inaccurate or incomplete information in your report, you have a right to dispute that information. If LexisNexis cannot verify the information with the insurer within 30 days, it must remove it from your C.

It can maintain any information it verifies as correct in your C. LexisNexis says it encourages consumers to notify them of inaccuracies in C. The LexisNexis website lists other reasons you would be entitled to a free report. Note that only property owners can request a C.

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What Is a C. How Does a C. Report Work? Report, and Should You? How to Obtain Your C. Claims with large payouts or repeated claims can be a red flag for prospective buyers, indicating that the property is prone to damage. However, CLUE reports can also provide positive news. If a claim payout funded new roofing or windows following a natural disaster, the prospective buyer may be reassured that those areas of the home are in good condition for years to come.

Most home insurance companies contribute claims history information to the CLUE database , which is maintained by research company LexisNexis. When a homeowner files an insurance claim for incidents such as water damage, fire damage or criminal activity on the property, for example, most insurance company reports are entered into the CLUE database. Your insurance company uses the information from the CLUE report as guidance in setting rates for insuring your new home. While claims filed by prior owners of a home should not affect your insurance premium, claims that you have filed on your prior homes might.

This is because, in the eyes of an insurance carrier, if you have filed a claim in the past, you are more likely to do so again in the future.

Whether it is pulled by an insurer as part of the underwriting process or you request your own CLUE report from the property owner, it should include the following for all home and auto claims the individual has filed:.

The report will not include specifics, such as what part of the house was damaged — but if you are buying a house, it will give you enough information to ask the homeowner to explain the details. CLUE reports also typically include the property address as well as some information pertaining to the policyholder, including their name and policy number.

However, you may find that a CLUE report is blank. Though a blank report may cause confusion or concern, it actually indicates one of two things:. Claims listed on CLUE reports generally cover the past years. Occasionally, you will find that no claims have been made within that time frame.

However, a blank CLUE report does not necessarily mean that no damage occurred at the location, simply that no insurance claim was filed. The owner may have taken care of the damages out of pocket rather than filing a claim. Additionally, not all insurance companies use the database required for CLUE reports. In these cases, a requested CLUE report may return blank.

To gain access to a CLUE report, you can:. If you are selling your home, it can be beneficial to have a CLUE report available to show potential buyers, especially if it is blank due to you not having filed any insurance claims in the past. Even if you are not in the market to sell your home, you may want to get a CLUE report to check for any inaccuracies, as the information can impact your insurance rate. Once you have a CLUE report in hand, the first thing you should do is read it through carefully.

Past claims, especially multiple ones, might indicate that a home has the potential for future claims. Claims may also be used to evaluate how the physical location of the property can affect premiums. For example, if the home is close to the water or known to flood frequently, insurance can cost more or indicate the need for supplemental flood insurance.

However, a recent claim on a home may not immediately be a dealbreaker. In fact, a property with a recent claim can have positive ramifications if the damage was addressed properly, said Michael Barry, senior vice president, head of media and public affairs, at the Insurance Information Institute. Ultimately, it can pay to review your CLUE report before you shop for insurance.

If you find any inaccurate information, it would be beneficial to correct it. Incorrect information about a past claim can make you appear riskier to insurers, thereby increasing your future insurance rates. A CLUE report may have a positive or negative impact on your insurance premium.

Because most insurance companies report to LexisNexis, you can be fairly certain that the report is a good indicator of the health of your home. Each insurer will have its own methodology for determining rates, so it can help to know how different CLUE report outcomes can affect your premium.

If you have made a claim for damage from a hurricane or windstorm, for example, insurers may assume there is a better-than-average chance that you will do so again. To account for that likelihood, they may increase your premium. Theft and vandalism claims that show up on your report can also negatively impact your rate. CLUE reports can bring good news as well. Indications that losses were properly handled, like a new roof put on after a hailstorm, can offer peace of mind to potential buyers.

Additionally, a claim-free CLUE report can be used as a positive marketing message if you are selling your home. With a CLUE report, home disasters or mishaps in the past can come to light, but that is not the only way you can assess the damage. Potential buyers should use the CLUE report to let their home inspector know of any repairs that have been made, said Karl Newman, president of the NW Insurance Council in Seattle, so that the inspector can make sure the work was done correctly.

Some of the features on CT. Find a vaccination site near you at ct. Insurance companies that contribute loss data to C. In addition, some insurance agents, with the authority of the company they represent, can withdraw data. Most insurers renewing existing policies do not access C. It includes policy information such as name, date of birth, and policy number, claim information such as date of loss, type of loss and amounts paid, and a description of the property covered.

Only policy information including loss history is stored in the database. No other sources of data, such as credit reports, criminal records, civil lawsuits, or legal judgments are incorporated into C.

Only insurance companies that subscribe to C. Consumers can access C. Some companies choose not to subscribe to C. Losses filed with nonparticipating companies will not appear on a C.