A CLUE report plays a key role when your insurance provider considers the risks of your new home or vehicle. Here's everything you need to know about a CLUE report.
A CLUE (Comprehensive Loss Underwriting Exchange) report is a record of home and auto insurance claims and losses over seven years. Insurance underwriters use it when considering whether they should insure your home and when setting your premiums.
CLUE is operated and owned by LexisNexis, and it's meant to help insurance companies track home, renters, and auto insurance claims. However, CLUE reports don't necessarily present a comprehensive picture of a home's claims history.
Home insurance providers, however, provide the following data for CLUE reports:
Types of Claims That Can Be Included in a CLUE Report
You may request your copy of a CLUE report from LexisNexis via:
The Fair and Accurate, Credit Transaction Act entitles you to a free copy of the report for each year.
If you intend to purchase a home, you can ask the homeowner to get the property's CLUE report which will help you find out the insurance claims that have been filed in the last seven years. The report informs insurers about the potential risks. They also help buyers to make better purchase decisions.
Most home insurance providers provide data for the CLUE report, so your claims history will be on record. A property's claims history influences premiums even when the claims were from before when you owned the property. Note that insurers may keep records of the insurance inquiries you made even if you did not file a claim and sorted out the issue yourself.
You can purchase a property even if it has an open claim. In this case, the seller can lower the property's price (to account for the unaddressed damage) and sell it in its present condition, or they can transfer the insurance claim to the buyer.
• You can request the property's CLUE report.
• Yes, because the claims will be on your property's CLUE report.
• Consumers can get one free report annually.
For home or auto insurance options that provide the right coverage for you while helping protect you from financial loss, contact us now at Tompkins Insurance Agencies.