For those who’re planning to change insurance coverage suppliers, or for those who’re available in the market for a brand new insurance coverage coverage, whether or not or not it’s for a automobile or a property, you could 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 more in-depth have a look at your CLUE report, you would possibly 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 is advisable to perceive to utilize CLUE stories correctly.
What’s a CLUE report?
CLUE stands for “Complete Loss Underwriting Trade.” 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 clients make knowledgeable choices and higher handle danger. Most insurers submit declare data to the CLUE database on a every day and weekly foundation.
What precisely is in a CLUE report?
One useful means to think about a CLUE report is much like a credit score report. Similar to collectors use your credit score historical past to find out your capacity 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 usually contains:
- your title,
- 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 lined
For owners’ protection, a CLUE report additionally contains the property deal with.
For auto protection, it contains particular details about your automobile.
A CLUE report additionally contains data on claims that have been paid, or denied, in addition to any open recordsdata for potential claims. It doesn’t embrace credit score stories, felony data, 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 will request
entry. Don’t fear although — to ensure that somebody to achieve entry to your data they have to first get permission from the corporate they work for. Any
insurance coverage agent can’t simply lookup your data every time they need.
Insurance coverage corporations use this data when making an attempt to determine in the event that they need to insure you, and in the event that they do, how a lot your fee will probably be.
It’s also possible to request a CLUE report if you would like the data or for those who plan to promote your property and the client requests a historical past of the property. This report could be the “CLUE Residence 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 to be able to have a greater concept of what your insurance coverage goes to
appear to be when you’ve made that buy. It could actually additionally provide help to discover any potential issues.
For instance: if you wish to purchase a wonderful lakefront home, however you’re undecided if it floods when the rain comes, you would be left mopping up water. The CLUE report might let you know if the property you’re trying to purchase had flood injury, and you need to use this data to make a extra knowledgeable determination.
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 residence and auto claims each twelve months. It’s also possible to 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 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 Shopper Heart)
3.) Mailing a request kind LexisNexis Threat Options Shopper Heart, P.O. Field 105108, Atlanta, GA, 30348-5108
Nonetheless have questions on your CLUE report? Or, have you ever just lately requested a replica 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 right now to speak to considered one of our trusted insurance coverage declare dispute attorneys.