If you happen to’re planning to modify insurance coverage suppliers, or if you happen to’re available in the market for a brand new insurance coverage coverage, whether or not it’s for a automobile or a property, chances are you’ll marvel how insurance coverage corporations decide what protection you will obtain and for the way a lot. For a lot of, how insurance coverage corporations operate can really feel like a thriller. However by taking a better have a look at your CLUE report, you may achieve a greater understanding of what your insurance coverage firm is utilizing to judge your protection and if it is even truthful. This is what it’s good to perceive to utilize CLUE studies correctly.
What’s a CLUE report?
CLUE stands for “Complete Loss Underwriting Alternate.” Due to this fact, 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 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 means 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 means 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 contains:
- your identify,
- date of delivery,
- coverage quantity,
- and key declare data, together with:
- the kind and date of loss,
- The declare standing,
- the quantity paid
- and an outline of the property coated
For householders’ protection, a CLUE report additionally contains the property handle.
For auto protection, it contains particular details about your automobile.
A CLUE report additionally contains data on claims that had been paid, or denied, in addition to any open recordsdata for potential claims. It doesn’t embody credit score studies, legal information, authorized judgments, civil lawsuits and solely retains as much as seven years of your property 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 data they have to first get permission from the corporate they work for. Any
insurance coverage agent can’t simply search for your data each time they need.
Insurance coverage corporations use this data when attempting to determine in the event that they wish to insure you, and in the event that they do, how a lot your price will probably be.
You may also request a CLUE report in order for you the data or if you happen to plan to promote your property and the client requests a historical past of the property. This report could be the “CLUE House Vendor’s Disclosure report” which retains your private data 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 so as to have a greater concept of what your insurance coverage goes to
appear like when you’ve made that buy. It will possibly additionally make it easier to discover any potential issues.
For instance: if you wish to purchase a stupendous lakefront home, however you’re undecided if it floods when the rain comes, you would be left mopping up water. The CLUE report may inform you if the property you’re trying to purchase had flood injury, and you should utilize this data to make a extra knowledgeable choice.
How Do I Get My CLUE Report?
There are a couple of 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 dwelling and auto claims each twelve months. You may also get a free copy of your report in case your insurance coverage firm sends you an opposed 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 Shopper Heart)
3.) Mailing a request type LexisNexis Danger Options Shopper Heart, P.O. Field 105108, Atlanta, GA, 30348-5108
Nonetheless have questions on your CLUE report? Or, have you ever lately requested a replica of your CLUE report, solely to seek out inaccuracies? The attorneys at The Lane Regulation Agency could possibly assist. Give us a name, or contact us on-line right this moment to speak to certainly one of our trusted insurance coverage declare dispute attorneys.
