Do you have a clue about the C.L.U.E. report?
The C.L.U.E. (Comprehensive Loss Underwriting Exchange) database enables homeowner and automobile insurers to exchange information - without notice to you unless your state requires notice- about claims for loss of property. Here's a simple example of how the exchange system works:
- Insurance companies feed information about property loss claims, perhaps even inquiries about coverage, into a central database.
- If you file a claim for loss against your homeowner policy, the insurance company adds this information to the national database.
- The CLUE database is maintained by an information vendor, not another insurance company.
- If you apply for homeowner's insurance with another company - say, you move to another part of the country - the new insurance company can access the CLUE database and learn of your past claims.
The CLUE report also shows the new insurer information about claims you filed under your previous insurer's policy, although nothing filed more than five years ago. CLUE might also include information about inquiries you make, even if a claim was never submitted or paid.
The C.L.U.E. report also affects the properties on which the claims/inquiries are made. If you are buying or selling a house, you want to know what the C.L.U.E. report for that property contains as its contents can affect the insurability of that property. For a free copy of your C.L.U.E. report, click here.