In the event you’re planning to modify insurance coverage suppliers, or in case you’re out there for a brand new insurance coverage coverage, whether or not it’s for a car or a property, you could surprise how insurance coverage corporations decide what protection you may obtain and for a way a lot. For a lot of, how insurance coverage corporations operate can really feel like a thriller. However by taking a better take a look at your CLUE report, you would possibly achieve a greater understanding of what your insurance coverage firm is utilizing to guage your protection and if it is even truthful. Here is what you have to perceive to utilize CLUE reviews correctly.
What’s a CLUE report?
CLUE stands for “Complete Loss Underwriting Change.” Due to this fact, your CLUE report is a report that compiles roughly seven years of your declare historical past on any houses, 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 clients make knowledgeable selections and higher handle danger. Most insurers submit declare data to the CLUE database on a each day and weekly foundation.
What precisely is in a CLUE report?
One useful method to consider a CLUE report is just like a credit score report. Identical to collectors use your credit score historical past to find out your skill to take out a mortgage, insurance coverage suppliers use your insurance coverage historical past to find out what protection they will give you. A CLUE report is just like the insurance coverage model of your credit score report.
A CLUE report sometimes consists of:
- your identify,
- date of start,
- coverage quantity,
- and key declare data, together with:
- the sort and date of loss,
- The declare standing,
- the quantity paid
- and an outline of the property lined
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 data on claims that had been paid, or denied, in addition to any open information for potential claims. It doesn’t embrace credit score reviews, felony information, authorized judgments, civil lawsuits and solely retains as much as seven years of your house and auto claims historical past.
Who can request my CLUE report?
In case your insurance coverage firm subscribes to CLUE, they’ll request
entry. Don’t fear although — to ensure that somebody to realize entry to your data they need to first get permission from the corporate they work for. Any
insurance coverage agent can’t simply lookup your data each time they need.
Insurance coverage corporations use this data when making an attempt to determine in the event that they wish to insure you, and in the event that they do, how a lot your fee can be.
You can too request a CLUE report in order for you the knowledge or in case you plan to promote your property and the customer requests a historical past of the property. This report could be the “CLUE Dwelling Vendor’s Disclosure report” which retains your private data personal and solely features a five-year historical past.
Why would I must 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 in an effort to have a greater thought of what your insurance coverage goes to
seem like when you’ve made that buy. It may possibly additionally assist you discover any potential issues.
For instance: if you wish to purchase a fantastic lakefront home, however you’re unsure if it floods when the rain comes, you possibly can 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 data to make a extra knowledgeable choice.
How Do I Get My CLUE Report?
There are a number of methods to acquire your CLUE report. The Truthful Credit score Reporting Act was amended in 2003 by the Truthful and Correct Credit score Transactions Act, which permits any insurance coverage holder to request a free CLUE report for his or her dwelling and auto claims each twelve months. You can too 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 here 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 Heart)
3.) Mailing a request type LexisNexis Threat Options Client Heart, P.O. Field 105108, Atlanta, GA, 30348-5108
Nonetheless have questions on your CLUE report? Or, have you ever not too long ago requested a duplicate of your CLUE report, solely to search out inaccuracies? The attorneys at The Lane Regulation Agency might be able to assist. Give us a name, or contact us on-line at present to speak to considered one of our trusted insurance coverage declare dispute attorneys.