Before you buy a home, it’s important to find out about the property’s insurance status. From the moment you and the seller execute an agreement of sale, you have an insurable interest in the property. These days, 2 out of 3 homes are underinsured, so you want to make sure that the property has adequate insurance before you move forward on the agreement.
It’s also important to find out if you can get new insurance once you are the owner. Before you sign an agreement, ask the seller to get a C.L.U.E. (Comprehensive Loss Underwriting Exchange) personal property report. A C.L.U.E. report details the kind of damage claims that were previously made on the home. If too many claims have been made, it could be costly or difficult to get new coverage.
Since the Fair and Accurate Credit Transactions Act (FACT) was passed in 2003, homeowners can get a free C.L.U.E. report once a year. Just go online to www.choicetrust.com and order your report.
Contact: TheIversonTeam@slifer.net when you're in the market for your new home. 970-569-2112; 970-569-2104.
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