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How Your Home’s Previous Owners Can Hurt You


shutterstock_184993832If you are like most American homeowners, you have no clue that if the previous owners of your home had ever filed an insurance claim, you could be (or might have already been) penalized with a higher rate. This is according to

Another little known ‘gotcha’ is that if you ever filed an insurance claim that ended up getting denied, you are at risk of having the rates on your homeowner’s and your car insurance raised. And if you didn’t like that little newsflash, you’re really going to hate this one. Because if you just discussed a potential claim with an insurance agent but never followed through with filing the claim, you guessed it—your rates could still be raised. 

As unfair as all this may be, there is a way new home buyers can try to protect themselves.  Turns out, there is a national database named the Comprehensive Loss Underwriting Exchange or CLUE, for short, that stores all insurance claims for seven years. So before making an offer on a house, you may want to ask the homeowner for a copy of the home’s CLUE report.