CLUE Report : What it is & How does it works ? | Insure.com

How to find insurance claims

Video How to find insurance claims

Read our complete guide to getting a creport clue when you’re buying a home.

Getting a track report is one way to make sure you don’t run into last-minute home insurance coverage issues when buying a new home.

Imagine you found the house of your dreams. her credit score is excellent and she was able to get a low rate on her mortgage.

then, days before your scheduled closing, you find out you can’t get homeowners insurance. You learn that your dream home is uninsurable because the previous owner has a long history of homeowners insurance claims.

That problem could be avoided if you request a trail report before agreeing to buy the house.

what is a trail report?

every cookie you eat these days leaves a crumb on the path of your life. In the world of credit, it’s your FICO score and credit report. in the insurance world, it’s the trail report.

A trail report (comprehensive loss underwriting exchange) is a compilation of auto and property claims over seven years. Insurance companies review this information when deciding whether to give you an owner’s policy housing and when they set your rates.

how does a tip report work?

lexis-nexis, which also runs it, allows insurers to track auto, home and renters claims.

It is important to remember that the report, while useful, is not universal. While it’s a look at a home’s claim history, insurance companies don’t have to provide the data to give a clue. therefore, a clue report may not include a complete picture of home claims.

Homeowners insurance companies provide the following information for the lead report:

  • policy number
  • insurance company name
  • date of loss
  • type of loss
  • amount the homeowners insurance company paid for the loss
  • types of statements you can find in the clue report:

    • contamination
    • damage to other people’s property
    • dog bite
    • earthquake
    • fire
    • flood
    • ice water
    • hail
    • responsibility
    • lightning
    • medical payment
    • slip/fall
    • smoke
    • theft/theft
    • vandalism
    • water damage
    • wind
    • workers compensation
    • how to get a track report

      The claims history report, the trail report, is relatively easy to obtain. lexis-nexis accepts track report requests online, by email, mail or phone.

      These are ways to request a copy:

      • online: https://consumer.risk.lexisnexis.com/
      • call: 888-497-0011
      • email: [email protected]
      • you can also request a copy from an owner
      • There are a number of security questions you must answer to confirm your identity.

        You can request a report for yourself/your property or for someone over whom you have legal authority, such as a minor.

        Thanks to the Fair and Accurate Credit Transactions Act (facta), you are entitled to one free copy of your report per year.

        When you apply for homeowners insurance, your insurance company will request a loss history report to determine if you, the buyer, or the seller have filed any claims within the last seven years. the database also includes damage reports that were later closed when the owner made the repairs.

        How can I check my home insurance claims history?

        If you’re buying a home, you can ask the seller to get the trail report on the property. You can then review any claims and see what insurance-related work has been done on the property in recent years. follow these easy steps to get your lexisnexis trail reports:

        • request your track report online
        • submit a request by downloading a form and mailing it to them
        • request the report by phone at 866-312-8076
        • Loss history reports alert insurance companies to properties that potentially carry more risk than they are willing to take. they also give consumers another tool to make good purchasing decisions.

          Do home insurance claims follow you?

          yes, most home insurance companies provide information to the track report, so your claims history follows you. your home’s claims history also influences rates , even if the claims predated you owning the home.

          Claims going back seven years will be in the Clue Report. Please note that while the track report will not contain queries to a home insurance company, insurers may have their own records.

          so, if you called a home insurance company about a potential claim but ended up handling the problem yourself, an insurer may still have that communication on their records.

          buying a house with an open insurance claim

          You can buy a house with an open claim. Having a pending claim shouldn’t stop you from selling your home, and it shouldn’t stop anyone from buying it.

          There are two options here if you want to buy a home with an open insurance claim.

          The first and easiest option is to reduce the asking price and sell it “as is”. this is a pro for both parties:

          • The seller is relieved of the hassle of having to repair any damage.
          • the buyer obtains an agreement on the property.
          • In this situation, the seller of the home would keep the money from the insurance claim because the price of the home went down. they would still need to get a licensed professional to give a quote that reflects the actual cost to fix the problems.

            A downside to that scenario is that the new owner may appear to be making a deal, but actually has to put up money out of their own pocket to repair the damage.

            Another, more complicated option is to transfer the claim to the new owner. in that case, all the hassle for the seller is eliminated, which is a plus for that party. The advantage for the new owner is that he can find his own contractors and feel comfortable with the work.

            A con in either scenario is that there is still insurance claim history on the home which will show up on the trail report and will likely increase home insurance rates temporarily.

            make sure you can insure your home

            Home insurance is worth learning about when looking for affordable coverage. here are some ways you can help yourself:

            • Know the rules regarding home insurance renewals in your state. Some states exercise control over when an insurer can refuse to renew your policy. In Texas, for example, an insurer cannot refuse to renew your homeowners insurance policy unless it has made three non-weather-related claims in the last three years.
            • Consider paying small losses out of your own pocket. Insurers take note of customers who file many small claims. If someone breaks into your house and steals your new TV, you might be better off buying a new one yourself. that’s especially true if you’ve had one or two claims in the last three years.
            • Think twice before calling your insurance agent or company. If you’re considering filing a claim but aren’t sure, wait to make that call. At the time her insurer’s customer service representative logs her call, the insurer opens a file on that problem that it will track through her computer system.
            • Shop for coverage. Don’t be discouraged if your insurer denies a policy based on past claims or if the rates are simply unaffordable. Get insurance quotes from at least three other insurers so you can compare premiums and coverage options. insure.com provides an annual ranking of the best home insurance companies.
            • Check to see if your state has a fair access to insurance (fair) plan requirements if you can’t get a home insurance policy. Fair plans were created in the late 1960s to make property insurance more available to people who can’t get it from private insurers because their property is considered “high risk.”
            • increase your deductible and combined policies. Consider raising your deductible to lower your premiums. Plus, most companies give you a discount if you insure both your car and your home with them.
            • Check your credit history. In addition to your past claim history, most states allow insurers to use your credit history when deciding on a policy and setting rates.
            • regularly request a copy of your credit history. This will ensure that it does not contain errors that could prevent you from obtaining a home insurance policy or lead to higher premiums. See how your credit history affects your auto and home insurance premiums.
            • how can i find insurance claims on a property?

              To find insurance claims on a property, you can ask the insurance company to provide a copy of their records. You can request a trail report (comprehensive loss underwriting exchange), which It consists of details related to damages, previous property claims and repairs.

              Do home insurance companies share claims history?

              Yes, insurance companies share any information related to insurance claims in your trail report. Insurers use this information to assess risk when someone applies for an insurance policy. the database is extensive and contains information on all the claims you have made in the last seven years and the claims that were filed on the property even before you lived there.

              can insurance companies see past claims?

              yes. Insurance companies can view previous claims on a property using the trail report. Insurers consider claims history in their underwriting process, and if there was a claim on the property in the past, it could generate a higher premium offer from an insurer.

              can you look up insurance claims on a house?

              Only homeowners and insurance companies can request an official track report. You can ask the seller of the property for a copy of the track report for the property’s claim history . lexisnexis is a research company that maintains the lead database and most homeowners insurance companies contribute to it.

              how much does a clue report cost?

              The Fair and Accurate Credit Transactions Act allows consumers to obtain a free copy of the trace report each year upon request. And if you need a lead report on a property you plan to buy, you’ll need to ask the owner to request it.

              susan manning contributed to this story.

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