Paul Sanchez
A Comprehensive Loss Underwriting Exchange (CLUE) report is a database of claims on auto insurance and home insurance over seven years. It is used by insurance companies to determine premiums and predict the risk of future claims. Homeowners can access a copy of their property's CLUE report for free and use it to identify potential insurance liabilities. Buyers can also request a copy of the CLUE report from the seller to identify problems that may compromise their ability to obtain insurance for the home or insure it at a reasonable cost.
| Characteristics | Values |
|---|---|
| Full Form | Comprehensive Loss Underwriting Exchange |
| Purpose | To help real estate agents and buyers identify potential insurance liabilities in a house so they can make informed decisions before making an offer |
| Availability | Homeowners and insurers can order CLUE reports. Buyers cannot access CLUE reports for a home they want to purchase, but they can request a copy from the seller. |
| Contents | Personal information (name, address, date of birth, etc.), policy information (policy number, date established, etc.), type of claim, claim status, date of claim, claim details, amount of payout |
| Use Cases | Buyers use CLUE reports to identify problems that can compromise their ability to obtain insurance for the home or insure it for a reasonable cost. Insurers use the reports to determine premiums, coverage levels, or deny insurance. |
| Cost | Free |
| Dispute Process | Contact LexisNexis customer support to dispute a claim error. They will reach out to the insurance company to verify the information and notify you of the dispute results within 30 days. |
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What You'll Learn
What is a CLUE report?
A Comprehensive Loss Underwriting Exchange (CLUE) report is a database of claims on auto insurance and home insurance over the previous seven years. It is primarily used by insurance companies to determine premiums and predict the risk of future claims. The more claims a CLUE report contains, the higher the insurance rates are likely to be.
The report is generated by consumer reporting agency LexisNexis and includes the insured's personal information, policy number, type and date of loss, claim status, amount paid, and insured property or vehicle information. It also contains details about any reported insurance claims made in the past, no matter how small, as well as who filed them.
CLUE reports can be useful for homebuyers, as they can reveal potential problems with a property. For example, a history of large claim payouts or repeated claims could indicate that a property is prone to damage. On the other hand, if a claim payout funded a roof replacement after a natural disaster, the buyer may be reassured that the roof is in good condition.
Homeowners can access a copy of their property's CLUE report for free and can dispute any errors. Buyers cannot access CLUE reports for a home they want to purchase, but they can request a copy from the seller.
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How does it impact insurance rates?
A Comprehensive Loss Underwriting Exchange (CLUE) report is a database of claims on auto insurance and home insurance over seven years. It is an important factor in the calculation of insurance rates. Insurance companies use the CLUE report to determine the risk associated with insuring a property or individual. The more claims listed on a CLUE report, the higher the insurance rates are likely to be.
The CLUE report is also used by homebuyers to identify problems with a property that may compromise their ability to obtain insurance or insure it at a reasonable cost. For example, a history of large claim payouts or repeated claims could indicate that a property is prone to damage. Similarly, multiple insurance claims related to theft may indicate security issues with the home or an unsafe neighbourhood. This information may cause buyers to reconsider a property due to the potential for high insurance premiums.
On the other hand, a CLUE report can also provide positive news. For instance, if a claim payout funded a roof replacement after a natural disaster, the prospective buyer may be reassured that the roof is in good condition. A blank CLUE report indicates that the owner did not make any insurance claims in the past seven years, which can be reassuring to buyers.
Homeowners can access a free copy of their property's CLUE report, which is useful for catching any inaccuracies. A CLUE report with many claims can be a red flag for insurers, potentially leading to denied coverage or non-renewal of policies. Therefore, it is important for homeowners to keep their CLUE report clean by only filing necessary claims.
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How to get a copy of a CLUE report
A Comprehensive Loss Underwriting Exchange (CLUE) report is a database of claims filed by you or on your home. It contains details about any reported insurance claims made in the past seven years, no matter how small, as well as who filed them.
CLUE reports are an important factor in the calculation of insurance rates. They are used by insurers to determine the risk associated with a property or vehicle. The more claims there are, the higher the rates tend to be.
While CLUE reports are primarily for insurers, homeowners can access a copy of their property's CLUE report for free. Buyers cannot access CLUE reports for a home they want to purchase, but they can request a copy of the report from the seller.
- Request it from LexisNexis online at consumer.risk.lexisnexis.com.
- Request it from a LexisNexis representative by calling 1-866-312-8076 or 1-888-497-0011, or emailing [email protected].
- Request it from the home seller if you're buying a house.
- Order a copy of the report through the mail by contacting LexisNexis at 1-800-458-9197 or emailing [email protected].
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How to dispute errors on a CLUE report
A Comprehensive Loss Underwriting Exchange (CLUE) report is a database of claims on auto insurance and home insurance over seven years. It contains detailed information regarding homeowners insurance claims on a particular property within the past seven years. The CLUE report is an important factor in calculating insurance rates. It contains not only the claims you have filed but also those filed by previous owners of your home.
Since a CLUE report may occasionally contain incorrect information, it is important to know how to dispute errors. The process for disputing a CLUE report is simple. LexisNexis, the company that generates these reports, has a simple process in place for consumers to report errors. There are two types of requests that can be submitted: a dispute or a statement of explanation. If you want to correct information, you should submit a dispute. However, if you want to add notes or important details to your claims history, submit a statement of explanation.
To dispute a claim, you can contact LexisNexis via phone, email, or standard mail. Once LexisNexis is informed of the error, they will investigate the dispute and remove any information that is deemed to be incorrect. By law, this process must be completed within 30 days of LexisNexis receiving your request. To dispute a claim, you must submit supporting documentation for your case. Official documentation, such as police reports, repair receipts, insurance letters, and claim closures, will help to correct the report. After you submit a dispute, and if an investigation supports the information you are disputing, your CLUE report will be updated to reflect the removal or correction of any errors.
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Who can access a CLUE report?
A Comprehensive Loss Underwriting Exchange (CLUE) report is a database of claims filed by or on a property or vehicle. It is used by insurance companies to determine policy rates and help with the underwriting process. While CLUE reports are primarily for insurers, they can also be accessed by homeowners, prospective buyers, and real estate agents.
Homeowners can access a copy of their property's CLUE report for free once a year. They can request a copy from LexisNexis, the consumer reporting agency that generates the reports, by calling them or visiting their website.
Prospective buyers cannot directly access the CLUE report for a home they want to purchase. However, they can request a copy of the report from the seller. A CLUE report can help buyers make informed decisions about a property they are interested in by providing information about potential insurance liabilities and any issues the property may have.
Real estate agents also cannot directly access CLUE reports for properties their clients are interested in. Similar to buyers, they can request a copy of the report from the seller. CLUE reports can help real estate agents make informed decisions about a property and provide valuable information that can be used to leverage the buying process.
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Frequently asked questions
A Comprehensive Loss Underwriting Exchange (CLUE) report is a database of claims on homeowners insurance over the past seven years.
A CLUE report includes the homeowner's name, personal details, policy number, type of loss, claim status, and the amount paid by the insurance company.
Homeowners can access a free copy of their property's CLUE report by calling LexisNexis or by visiting their website.
A CLUE report can help identify potential insurance liabilities and problems within a property. It can also be used to identify positive changes to a property, such as a roof replacement after a natural disaster.
