A loss history report may not be something you know about as a property owner. However, it can be very insightful information about the claims made against your home in the past. If you are buying a home, you need this information. So, what is this report and how do you get it?
What Does a Loss History Report Tell You?
A loss history report is a document associated with your home and your home insurance. There are similar reports available for vehicles. In both cases, the report comes from a database called the Comprehensive Loss Underwriting Exchange. LexisNexis maintains this system and database. It contains claims made based not on the property owner, but rather on the property itself. Most of the time, this information comes from an insurer. Insurers share this information so others know which claims occurred at the home.
Why Does It Matter?
The value of a loss history report depends on the property. If you currently own a home but you are having issues with it, obtaining a copy of this report can be valuable.
If you are buying a home, you want to know what this report says about the property. This is because it can tell you what types of claims others made against the property in the past. For example, if you are buying a home, you may want to know that the previous owners filed claims for frozen pipes or for roof repairs. This information allows you to know what happened at the home-as much as possible-before you moved in.
The information contained here includes:
- The type of loss the home suffered
- The date the loss occurred
- The amount of the claim on home
- The status of the claim
Most reports span just five years. However, you can request them to determine if anything is available prior to this. Most importantly, you are able to obtain a free report from the agency one time every year. This can help you verify the claim reporting for your home. This is a federal law.
With the help of a loss history report, you learn what happened at the home. You also get an idea of what other property owners may experience at the home as well. Take the time to learn about your home's history. It could give you insight into some of the problems you had as well