The short answer is, yes. Your home insurance claims are indeed a public record, not only in Ramseur, NC but nationwide. Our team of insurance experts at Allen Insurance Agency can help you get up to speed with policy transparency for your home.
Generally, only the involved parties may access the complete and updated policyholder’s insurance records. The insurance vendor and policyholder are the involved parties in this scenario. Both parties fall under the protection of the F.A.C.T Act for their right to pull information. When a concerned party wants to access the record, they may request a copy of the policy.
Insurance vendors have no right to disclose details to unrelated parties apart from as prescribed by regulatory bodies.
C.L.U.E.
C.L.U.E. refers to a database that contains past claims filed by policyholders. C.L.U.E. enables insurers to calculate the risk factor when considering customers. Over five years, C.L.U.E. stores details on the customer’s SSN, the address of the property, and additional information on the homeowner’s insurance claims.
As this database holds information that could potentially increase the customer’s premiums, under federal law, the policyholder is allowed to contest data stored there. Thus, the insured party should have access to the C.L.U.E. data storage where applicable. They may also dispute inaccurate or misleading details found in the database.
The policy becomes a public record because it is presentable upon request by prospective buyers. It is, however, important to note that only the policy holder and the insurance vendor can release the C.L.U.E. copy to the realtor or prospective buyer.
C.L.U.E. is mainly useful to:
- Insurance firms as it helps them identify threats when issuing policies
- Potential homebuyers as it reveals the extent of damage and level of care applied to the property by previous owners
Give Us A Call
To learn more about insurance transparency in Ramseur, NC, do not hesitate to contact Allen Insurance Agency Whether you are looking to buy or curious about your data, we have you covered.
