Avoid Surprises: Get a CLUE Report
An interesting and sometimes costly surprise can occur during the home buying process. The claim experience of the seller could impact the price of the premium for the new buyer. For that reason, you can ask for a copy of the CLUE report on the home you’re interested in buying prior to writing an offer.
CLUE reports show the insurance claims on your home and car for the past 5-7 years. This database is used by insurance companies to evaluate risks and determine rates. C.L.U.E. stands for Comprehensive Loss Underwriting Exchange. Rates can be increased not only due to legitimate claims but also data entry errors. Sometimes, simply asking a question without filing a claim can be logged as a claim.
Similar to verifying the accuracy of your credit report, it’s important to check out the CLUE report on your own home. The reports are free, and there is a process for correcting mistakes.
Whether buying or selling, Sea Scape Properties offers useful tips and advice to provide the most enjoyable, profitable experience for each of our clients. Sea Scape Properties is here to help with all of your real estate needs, from buying, selling, and investments to long term rentals in the Greater Wilmington area and vacation rentals on Wrightsville Beach, Carolina and Kure Beaches, and Topsail Island. Contact us today!