The “Secret” Report That Raises Your Insurance Costs
Most Americans Don’t Have a Clue About C.L.U.E. Reports
SAN FRANCISCO – December 15, 2014 – Did you know that claims made by a previous owner can increase how much you pay for homeowner’s insurance? Only 17% of Americans are aware that insurance companies can, in fact, penalize homeowners for prior owners’ claims, according to a new insuranceQuotes.com report.
Another unpleasant surprise is that denied claims can cause car and homeowner’s insurance rates to rise. This is even true of potential claims that were never filed but were discussed with an insurance agent. 84% of Americans think this practice is unfair.
Claims are stored for seven years in a database known as a C.L.U.E. (Comprehensive Loss Underwriting Exchange) report that all insurance carriers can access. insuranceQuotes.com found that only 1% of all Americans are very familiar with C.L.U.E. reports and an additional 7% are somewhat familiar.
“Most consumers are shocked to hear that denied claims, never-filed claims and claims made by a previous homeowner can raise their insurance costs,” said Laura Adams, insuranceQuotes.com’s senior analyst. “Prospective homebuyers should ask the seller for a copy of the property’s C.L.U.E. report before making an offer. Unfortunately, we found that only 10% of homeowners have done this. And people need to be really careful when filing claims or even discussing potential claims with their agents.”
PSRAI obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States. Interviews were conducted by landline (500) and cell phone (500, including 294 without a landline phone) in English and Spanish by Princeton Data Source from November 13-16, 2014. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.6 percentage points.
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