CLUE Report When Selling a Home in Gilbert AZ

"CLUE" stands for Comprehensive Loss Underwriting Exchange, also known as a loss history report. You can find out if there have been any insurance losses at a house in the past 5-7 years inside CLUE report. Most home insurance companies contribute claims history information to CLUE database, which is maintained by research company LexisNexis. Your insurance company uses CLUE report to determine whether to approve an insurance policy and, if approved, how much to charge for premiums.

CLUE Report When Selling a Home in Arizona

CLUE Report When Selling a Home in Arizona

What is a CLUE report?
A CLUE report will contain any insurance claims made on a property over the past 5-7 years. The report includes the date and type of loss, how much was paid out by the insurance company or if the claim was denied and general information about your policy. When a homeowner files an insurance claim for incidents such as water damage or fire loss, most insurance company reports go onto the CLUE database.

What CLUE report is for?
Insurance company may request a CLUE report when you apply for coverage or request a quote. The company uses your claims history, or the history of claims at a specific property, to decide if it will offer you coverage and how much you will pay. Insurance company studies show a relationship between past claims and claims you report in the future.

How to get a CLUE report?
You can get a free CLUE report for your home once a year from LexisNexis. However, only the owner of a property can request the report. Homeowner can also get a copy from your homeowner insurance provider.

Why sellers should order a CLUE report before putting home on the market?
Adding a copy of a home’s CLUE report to other mandatory disclosure documents can provide an important selling point. As home seller, you want to demonstrate to potential buyers that your home has a “clean bill of health.” Additionally, it’s a good idea for sellers to request this report in advance, to make sure there are no errors and to have time to correct any erroneous information before the home is listed.

Bottom line
According to Arizona Residential Purchase Contract section 4b, seller shall provide Insurance Claim History to buyer within 5 days after contract acceptance. By getting copy of CLUE report sooner, you can make sure there is no error and have time to correct it, if there is any erroneous information.

Selling your home in Gilbert AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Gilbert House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today¡¯s market.

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