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Insurance Claims Statement |
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I recently have my home under contract. The realtor was in huge hurry the day of signing the contract agreement. I remember something she asked me to sign. She said it was something new they were making them do...I had to sign something saying that I had not had any recent insurance claims on my property which could make the new owners insurance payments go up she said. I thought nothing of it at the time. Signed the paper and moved on. Now it is on my mind! It would cause my coverage to be high for a few years..not the buyers!..correct? Thanks so much. |
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Your home's history of past claims could indeed make the next owner's premiums go up. These days insurance companies take into account all sorts of data, including the homeowners' credit records and the property's past claim record, when they decide how much to charge in premiums -- or indeed whether to issue a policy at all. CLUE (Claim Loss Underwriting Exchange) is a national data-sharing record of claims paid, which your buyers' insurer will consult. The document you signed was evidently meant to reassure the buyers that no last-minute claims were on their way into the CLUE data base. |
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Edith
Originally published on July 14, 2007 |
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