What is a Clue Report?
What you need to know about them.
In the Macomb County, Michigan area we have not heard to much about C.L.U.E. Reports. However, we have been reading more and more about C.L.U.E reports, from other agents across the county.
Although, in Macomb County we have seen some changes when it comes to Homeowners Insurance. For instance, over the past few years many insurance companies have requested access to the property, prior to closing. We have also received calls from some of our buyer after the closing, stating that their insurance company has now denied them. In most cases, the buyer has simply supplied their home inspection report or a contractor letter.
So what is a C.L.U.E. Report?
It stands for Comprehensive Loss Underwriting Exchange. In short, insurers collect data on every claim made against a home and compile it in data bases for insurance companies. So even if you have not personally made an insurance claim...the home you are buying may have several claims against it.
Just like the sellers disclosure we may in years to come find that the C.L.U.E. Report is required. As a seller you can order C.L.U.E Report.
As real estate agents it is our job to stay on top of industry changes. If you would like to read more about C.L.U.E. Reports you can visit their site for brochures and Questions and Answers about the report at the Choice Trust site. Or your can find out more in this brochure offered by the National Association of REALTORS®.