Everything is GREAT!  The offer is accepted and we are moving quickly towards the closing date….

This is a great home – a wonderful seller and an excited home buyer.  Does anyone have a C.L.U.E.?

Ok, sorry for the play on words but the CLUE report can contain necessary information pertaining to the ability of the new home buyer to obtain homeowners insurance at a particular rate.  CLUE (Comprehensive Loss Underwriting Exchange is a loss history information database developed and used by insurance companies to share information abut insurance claims, reported losses and damage, and even insurance policy inquiries with respect to properties and individuals.  The CLUE Personal Property report provides a five-year history of losses associated with an individual and his/her personal property.  The date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name are provided for each identified loss.  The report also lists all companies that have inquired about the person’s loss history in the last two years.  Seventy percent of all CLUE reports have no reported claims or paid losses – the average homeowner files an insurance claim only once every 10 years.  Some sellers may not remember the details of property damage events such as water intrusions very well, so having the seller order his or her CLUE report serves as a back-up measure to double-check that nothing is missed.

Agents and prospective buyers cannot order or obtain CLUE reports on properties.  Should a prospective purchaser want a CLUE report for a property, he or she should make it a condition of his or her offer that the seller request and provide such a report. 

Sellers may request a copy of their CLUE report online at www.choicetrust.com

taken from www.wra.org/lu0304.