More than likely you’ve probably heard of CARFAX – it’s a vehicle history report that you can see online or on a car which give the complete history. You can learn hidden problems from them, and it can assist you with avoiding hidden costly problems when it comes to purchasing a car. Let’s face it – a car is a big investment.
What if there was the same thing you could do when it came to purchasing a home?
There is! Lexis Nexis C.L.U.E. (Claims Loss Underwriting Exchange) is exactly what you’ve been looking for. It’s a claims history database which allows insurance companies to access consumer claims for the previous seven years when they are underwriting a risk or rating an insurance policy.
An insurance underwriter could identify a previous claim for substantial damage to a property and try to find out whether the repairs were completed properly before assuming the risk as a new insurer. Similarly, a buyer could benefit from knowledge of former claims that may affect the value of the property or possible, future repairs..
If a buyer had a CLUE report on a home that they were buying, and if they were concerned about certain issues, they can discuss those issues or concerns with the home inspector during the inspection period. The CLUE Report can also detect things in the home that may not be visible during the home inspection.
Depending on the situation, a listing agent may suggest that a seller get a CLUE report in the spirit of full disclosure to potential buyers.
A current homeowner can request one free CLUE report every twelve months online or by calling 888-497-0011. They can also email consumer.documents@LexisNexisRisk.com. Please be ready to provide your first and last name, social security number, driver’s license number and state in which it was issues, date of birth, current home address and phone number. For more information, see Lexis Nexis Consumer Portal.
If a buyer doesn’t have a property casualty insurance agent, your real estate agent can recommend one.
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