This is a step that should be taken prior to purchasing a home – investigating the insurability of the property so that you aren’t hit with a surprise when you go to compare insurance costs. One good indicator of a home’s insurability can be found in the Claims Loss Underwriting Exchange, or CLUE, a database of insurance claims. CLUE is operated by Choice Point and it will contain all the claims on the property – a great indicator of what could be in store for you. When someone submits a claim to their insurance provider it is entered into the CLUE database. This database is then used to assess the property’s risk profile when it comes time to renew the policy or when you go to start a new one.
Outside of insurance companies, only the homeowner can obtain a CLUE report of their property but you can write a contingency into the contract stating it is null and void unless a copy is provided and the contents accepted. It’s of no use for you to simply get a copy, you want to review it for any huge red flags.
If you want to get a free copy of this personal property report, simply visit ChoiceTRUST and request one. The process is entirely online, completely free, and you’re only obligated to share a few bits of sensitive information (SSN and DOB).
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[...] While it never bit me, I wish I had checked my house’s CLUE record which is like a credit history for your house, except for insurance claims. CLUE stands for Claims Loss Underwriting Exchange and it’s a database of insurance claims run by ChoicePoint (yeah, that same ChoicePoint). As it turns out, only the owner of the home can request it (so if you make it a contingency, they have to look it up and send it to you) and it’s pretty painless. If you go to their website, you can get your report absolutely free and the only two bits of sensitive information you need to provide is your social security number and date of birth (and address of course). It’s very much like a credit history report request in that they pull four bits of information from your history to verify your identity (such as what streets did you live on, what’s your mortgage, etc.) [...]
[...] CLUE is a database of insurance claims and insurance company use CLUE to assess the property’s risk profile to determine your insurance premium. Read more here. [...]
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