Home > Education > Insurance > Most Don’t Have a Clue About CLUE
Man furrows brow and scratches head reading insurance policy claim

Most Don’t Have a Clue About CLUE

Remember this before you inquire about an insurance claim

The previous owner of your home once filed an insurance claim. Did you know that could cause you to pay more for your homeowners policy?

Only 17% of Americans know that insurance companies can penalize a new homeowner for the prior owner’s claims, according to an InsuranceQuotes.com survey.

What’s more, your car and homeowners insurance rates can rise even if prior claims were denied. In fact, your cost can spike merely because a claim was discussed with an insurance agent, even though no claim was ever filed. Nearly 84% of those surveyed didn’t know this either.

And everyone considers it unfair.

Too bad.

Claims, including those that were denied or merely discussed, are stored for seven years in the Comprehensive Loss Underwriting Exchange (CLUE) database. And all insurance carriers have access to the CLUE reports.

If you’re a prospective home buyer, ask the seller for a copy of the property’s CLUE report before making an offer. (Fewer than 10% of homeowners do this.)

Also, if you are thinking of calling your insurance agent to see if a claim might be covered, read your policy first to see if the answer is there. Remember: Calling is the same as claiming.

Talk with a Financial Advisor

No Cost. No Obligation.

Single Step Form Articles

By clicking submit you are agreeing to our Terms of Use and Privacy Policy.

Schedule Your Free, No Obligation Consultation

You May Also Like:

  • Child's hand counting coins
    Article
    A Taboo That is Meant to be Broken
    Read More
  • Pile of coins and money on a table with a house in background
    Article
    Q&A: Can I Get a Mortgage When I am Retired?
    Read More
  • Edelman Financial Engines Decorative Triangle Background
    Video
    Are You Getting Pitched a Reverse Mortgage?
    Read More