Jeff’s Carlsbad Blog for First Time Home Buyers


Insurance on your new home – Part 3

Posted in Insurance by Jeff Dowler on October 7, 2006

Here’s the next installment of important insurance information relevant to your home purchase. If I can help in any way, please send me an email, or visit my website for more information.  There is also some helpful information related to moving on my blog Relocation A to Z.

Q. Should I get a copy of the C.L.U.E. Report? A. While this decision is up to the property owner, it is important to understand the limitations of the report.  The report contains only raw information and how that information will affect the insurability of a property isn’t explained as a part of the report.  Moreover, not all insurance companies use the report and those that do use it don’t all use the information in the same way.  As a result having the report may not enable you to predict whether a particular company will insure the property. If you want information on how a C.L.U.E. Report or other similar report may affect your ability to obtain insurance contact your insurance agent. 

Q.  Are there factors unique to a buyer that can affect their ability to obtain insurance? 

A.  Yes, although not used by all insurance companies in determining eligibility for insurance, some companies do review the claims filed by the buyer on properties owned by the buyer during the preceding five years.  This is another aspect of the C.L.U.E. Report database that focuses upon the insured individual rather than the insured property. 

Another more controversial factor is the use of Insurance Scores.  Insurance Scores, which are formulas developed by insurance companies in an effort to predict the likelihood of an individual filing claims, are sometimes used to determine to whom or at what price an insurance policy will be issued. 

Insurance scores are not standardized within the insurance industry and both how they are calculated and how they are used is generally not known outside of individual insurance companies.  If you want additional information on how insurance scoring may affect your ability to obtain insurance contact your insurance agent.  

Something Funny!

Performance Evaluation Quotes…

w  “He would be out of his depth in a parking lot puddle.”

w  “This young lady has delusions of adequacy.”

w  “He sets low personal standards and then consistently fails to achieve them.”

w  “This employee is depriving a village somewhere of an idiot.”

w  “This employee should go far – and the sooner he starts, the better.”

w  “When she opens her mouth, it’s only to change whichever foot was previously in there.”

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