What You Need to Know About Your CLUE Report

Have you ever had a homeowners insurance provider tell you to get a CLUE? Relax, they weren't trying to insult your intelligence or tell you they weren't going to cover your property. They were telling you that you needed to go online and check out a copy of your CLUE report!

What is a CLUE Report?

To you, your CLUE report is a listing of all of the homeowners insurance claims filed by you for this property or any other property and those filed for your property by its previous owners in the last seven years. For your homeowners insurance provider, it's an early warning system. You see, your ability to get coverage, and the cost of that coverage, are determined by how great a risk your homeowners insurance provider determines you to be. Your report lets them know what problems you've had in the past, what problems you're likely to have in the future and how risky it's going to be for them to assume responsibility for your home.

What's On It?

Your CLUE Report contains information on all claims filed within the last seven years, including (but not limited to):

1. The date of the claim.

2. The insurance company involved.

3. The policy number at the time of the claim.

4. The address of the property (if it was a claim you filed for a previous home or rental before packing your bags and hitting the highway).

5. The cause of the loss.

6. The amount(s) paid.

7. The status of the claim.

8. The name of the person who filed the claim (if previous owners were involved).

9. Anyone who has received a copy of your CLUE report over the last two years.

How Do You Get Your CLUE Report?

Your CLUE report is available through ChoiceTrust, a division of ChoicePoint, via their website or by snail mail. A copy will cost you $9.00 by mail or $12.95 electronically; however, residents of certain states (including Colorado) are entitled to a free copy every year. Much like your credit, you're also entitled to view a current copy of your report if you're denied homeowners insurance coverage or your premiums are raised inexplicably.

What if There's Been a Mistake?

Ideally, agencies like ChoiceTrust would never make mistakes. Unfortunately, life doesn't work like that! ChoiceTrust gets the information on your CLUE report from insurance agencies from coast to coast, and sometimes mistakes do happen. Since ChoicePoint is considered to be a consumer reporting agency, under the Federal Fair Credit Reporting Act you're entitled to challenge any claims that you don't feel belong on your report; however, your insurance provider is going to have the last laugh when it comes to deciding what stays and what goes.

Your CLUE report is a vital part of determining how much you're going to pay for your homeowners insurance, so it pays to know what's on it. Don't wait-go online, get your report and get a CLUE!