CLUE stands for (Comprehensive Loss Underwriting Exchange). Much like a credit report, Insurance companies record past claims for a property that help set rates for homeowners insurance.
How is a CLUE report valuable to a homebuyer?
- It helps uncover items that may not otherwise be disclosed in the Seller’s Disclosure.
- It helps give a comprehensive overview of past claims prior to the current homeowner’s ownership.
A buyer cannot request a CLUE report, but an Insurance Provider can. At VIVO Realty our buyer’s agents will guide you on how to obtain a CLUE report on your purchase.
A CLUE report details the following:
- Claims for a property dating back seven years
- Date of losses
- Loss types
- Amounts paid for any claims.
A Seller will want to obtain a CLUE report prior to putting their home on the market to double-check the report for any errors.