Why you need CLUE report when buying a home in Arizona?
“CLUE” stands for Comprehensive Loss Underwriting Exchange, which is a compilation of claims made against a property, collected in a national insurance company database. Insurance companies uses CLUE report to determine whether to approve an insurance policy and, if approved, how much to charge for premiums. Read Why you need CLUE report when buying a home in Arizona.
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What is CLUE report?
A home’s CLUE report provides insurance company names and policy numbers and any claim numbers. The report lists the dates of any claims, the loss types and amounts paid for losses (if any), and it will tell if a claim was denied. It contains a seven-year snapshot of info about you and any claims you had made during that time frame.
Why do you need a CLUE report?
A CLUE report provides a history of insurance claims on a particular property or on the insured individual. You want to know whether there is claim being made to the property. You also want to make sure that the property is insure-able.
What you want to review CLUE report?
When you review the CLUE report of a home you’d like to buy, look for any claim being made before. If there are claim being made previously, look for any potential ongoing problem. For example, if a home has had even one claim involving water, investigate the existence of mold during inspection period or perhaps explore the need for flood insurance.
How to get a CLUE report?
A free CLUE report can be obtained once a year from database giant LexisNexis. Only the owner of a property can request the report. Homeowner can also get a copy from your homeowner insurance provider.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.
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