|Ask for the CLUE report before buying|
Buying a new home can be nerve wracking. There is so much to consider and so much money goes into it. Enterprises TV reports on what new home buyers should be aware of before signing on the dotted line.
A previous homeowner’s claim or even just a call to that insurance company about a possible claim can raise the homeowner insurance rate for a person wanting to buy that home. InsuranceQuotes.com reports that the industry has a database called CLUE (Comprehensive Loss Underwriting Exchange), a database used by insurance industry which shows the date of an incident or claim, type of claim and how much was paid by the insurer. Claims stay active in that database for seven years. This means that any claim activity that occurred during that time can be seen by any insurer. Prospective home buyers should know that denied claims, never-filed claims and claims by the previous owner can raise their rates. The Enterprises TV show encourages readers to ask the seller for a copy of the home’s CLUE report before agreeing to buy a home. The report can point out specific problems the home has had and still has which is valuable information to know, and often not mentioned by the seller. Consumers are also entitled to one annual copy of their CLUE report. It’s always better to know everything possible about a home before buying it. Know before you go.