Get A Clue!
Every now and then, a topic needs to be repeated, if only because the original post is either buried deeply into the archives, or new information is found that covers the material much more thoroughly.
I know that I didn't even "have a CLUE" when I bought my last house. I thought everything went fine during the transaction of purhcasing my present home. About a month after moving in, I received a letter from my insurance company stating that my homeowners insurance was being canceled in 30 days! There was a list of items the insurance company cited such as the property needing a new roof, rain spouting, and front steps. Mind you, this was "my" favorite national name insurance company through which I had exclusively used for all my family's insurance needs for over 25 years! My mind went numb. It was my first ever rejection by an insurance carrier, I confess to a sense of hurt pride that despite my long loyalty and high monthly payments to them, they were canceling me.
While frantically attempting to obtain a new policy, my hopes were dashed repeatedly by several large name insurers. It seems that if one national carrier cancels your policy, none of the others are interested in writing a policy for you either. Finally I was able to obtain a homeowners policy through an independent insurer. My new agent related to me that the house that I had bought had evidently had some prior insurance claims turned in by previous owners, making my property appear to be a "nuisance property". I had unknowingly ecome the victim of the CLUE exchange list.
CLUE stands for Comprehensive Loss Underwriters Exhange.
Had I of known about the insurance industry's "CLUE" report, perhaps I could have sidestepped a lot of grief. The industry keeps a file on loss claims filed against a property, and new owners could easily become the victim of purchasing a home that has had and may still have some "issues".
Read an excellent in-depth article by Terry Watson that was featured in the National Association of Realtors magazine by clicking on the link immediately below:
GET A CLUE
Thanks,
Best regards,
Jim Dvorovy
330-685-4615
I know that I didn't even "have a CLUE" when I bought my last house. I thought everything went fine during the transaction of purhcasing my present home. About a month after moving in, I received a letter from my insurance company stating that my homeowners insurance was being canceled in 30 days! There was a list of items the insurance company cited such as the property needing a new roof, rain spouting, and front steps. Mind you, this was "my" favorite national name insurance company through which I had exclusively used for all my family's insurance needs for over 25 years! My mind went numb. It was my first ever rejection by an insurance carrier, I confess to a sense of hurt pride that despite my long loyalty and high monthly payments to them, they were canceling me.
While frantically attempting to obtain a new policy, my hopes were dashed repeatedly by several large name insurers. It seems that if one national carrier cancels your policy, none of the others are interested in writing a policy for you either. Finally I was able to obtain a homeowners policy through an independent insurer. My new agent related to me that the house that I had bought had evidently had some prior insurance claims turned in by previous owners, making my property appear to be a "nuisance property". I had unknowingly ecome the victim of the CLUE exchange list.
CLUE stands for Comprehensive Loss Underwriters Exhange.
Had I of known about the insurance industry's "CLUE" report, perhaps I could have sidestepped a lot of grief. The industry keeps a file on loss claims filed against a property, and new owners could easily become the victim of purchasing a home that has had and may still have some "issues".
Read an excellent in-depth article by Terry Watson that was featured in the National Association of Realtors magazine by clicking on the link immediately below:
GET A CLUE
Thanks,
Best regards,
Jim Dvorovy
330-685-4615
posted by Jim Dvorovy at 12:52 PM
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