If you would like to know what the insurance companies are saying about you behind your back, you definitely want to get a free copy of your CLUE report. Short for Comprehensive Loss Underwriting Exchange, it’s basically the insurance version of your credit report. In the past it used to cost you $20 a pop, but you can get it now for free courtesy of the FACT act, which also brought you free credit reports.
You get both a Personal Auto Report and Personal Property Report, which show how many insurance claims you’ve made on your car insurance and homeowner’s/renter’s insurance, respectively. Insurance companies use this data to decide your premiums, so you’ll want to clear up any mistakes right away as they are probably costing you money right now!
As for me, nothing special. My auto report didn’t include my teenage indiscretions , which is good I guess. The only thing was an inquiry from when I bought my used car last year and added it to my policy.
An interesting bit was that for the property report, it showed that in 2004 a previous tenant of my current rental filed for a $1,500 burglary claim. And I thought my neighborhood was safe! Maybe they just lost some jewelry while traveling.
This brings me to another use for CLUE reports. If you are seriously looking at buying a home, you should spend the $20 and get the CLUE report for the property and see its claim history. For example, if the water heater broke and flooded the basement two years ago, you may have a hard time finding homeowner’s insurance due to mold concerns.