In case you’re planning to change insurance coverage suppliers, or in the event you’re out there for a brand new insurance coverage coverage, whether or not it’s for a car or a property, you could marvel how insurance coverage corporations decide what protection you may obtain and for a way a lot. For a lot of, how insurance coverage corporations perform can really feel like a thriller. However by taking a better have a look at your CLUE report, you would possibly acquire a greater understanding of what your insurance coverage firm is utilizing to judge your protection and if it is even honest. This is what you could perceive to utilize CLUE stories correctly. 

What’s a CLUE report?

CLUE stands for “Complete Loss Underwriting Alternate.” Subsequently, your CLUE report is a report that compiles roughly seven years of your declare historical past on any properties, leases, land, and/or autos you personal. A CLUE report is created by LexisNexis, a shopper reporting company that makes use of information and superior analytics to assist its prospects make knowledgeable choices and higher handle threat. Most insurers submit declare info to the CLUE database on a every day and weekly foundation. 

What precisely is in a CLUE report?

One useful method to consider a CLUE report is much like a credit score report. Similar to collectors use your credit score historical past to find out your capability to take out a mortgage, insurance coverage suppliers use your insurance coverage historical past to find out what protection they’re going to give you. A CLUE report is just like the insurance coverage model of your credit score report. 

A CLUE report usually consists of:

• your identify, 
• date of delivery, 
• coverage quantity,
• and key declare info, together with:
  • the sort and date of loss,
  • the declare standing,
  • the quantity paid
  • and an outline of the property coated 

For householders’ protection, a CLUE report additionally consists of the property tackle. 

For auto protection, it consists of particular details about your car. 

A CLUE report additionally consists of info on claims that had been paid, or denied, in addition to any open recordsdata for potential claims. It doesn’t embrace credit score stories, legal data, authorized judgments, civil lawsuits and solely retains as much as seven years of your own home and auto claims historical past.

Who can request my CLUE report?

In case your insurance coverage firm subscribes to CLUE, they will request entry. Don’t fear although — to ensure that somebody to realize entry to your info they have to first get permission from the corporate they work for. Any insurance coverage agent can’t simply lookup your info at any time when they need.

Insurance coverage corporations use this info when attempting to determine in the event that they need to insure you, and in the event that they do, how a lot your fee can be.

You too can request a CLUE report if you need the data or in the event you plan to promote your property and the customer requests a historical past of the property. This report can be the “CLUE Residence Vendor’s Disclosure report” which retains your private info personal and solely features a five-year historical past.

Why would I have to see a CLUE report earlier than I purchase a property?

It’s all the time good to ask to see a CLUE report earlier than making a house buy to be able to have a greater concept of what your insurance coverage goes to appear like when you’ve made that buy. It could additionally make it easier to discover any potential issues.

For instance: if you wish to purchase a ravishing lakefront home, however you’re unsure if it floods when the rain comes, you may be left mopping up water. The CLUE report might inform you if the property you’re trying to purchase had flood injury, and you should use this info to make a extra knowledgeable resolution. 

How Do I Get My CLUE Report?

There are just a few methods to acquire your CLUE report. The Honest Credit score Reporting Act was amended in 2003 by the Honest and Correct Credit score Transactions Act, which permits any insurance coverage holder to request a free CLUE report for his or her residence and auto claims each twelve months. You too can get a free copy of your report in case your insurance coverage firm sends you an antagonistic motion letter. In addition to in case your coverage is canceled or your charges are raised by your insurance coverage firm.

Listed below are the three most direct methods to acquire your CLUE report.

1.   Making use of on-line at LexisNexis’ official web site

2.   Calling 800-456-6004 or 866-897-8126 (each are the numbers for the LexisNexis Client Middle)

Nonetheless have questions on your CLUE report? Or, have you ever not too long ago requested a replica of your CLUE report, solely to seek out inaccuracies? The attorneys at The Lane Legislation Agency could possibly assist. Give us a name at 713-595-8200, or contact us on-line immediately to speak to one in all our trusted insurance coverage declare dispute attorneys.