Did you know homes and cars have report cards? Do you know what grade your property deserves?

If you haven’t checked your report, you might want to look into it.

This statement is called a Loss History Report. It provides a record of the insurance claims and losses that are associated with a particular property or car. The report typically covers the previous seven years of claims history. The information is gathered by the Comprehensive Loss Underwriting Exchange (C.L.U.E.)

When insurers underwrite a policy, they typically refer to this report. The history helps define the risk level and determine the rates for future insurance.

As a consumer, you can check your Loss History Report to ensure accuracy for auto claims. Since errors on the report could result in higher premiums, it’s good to verify that all information is correct. You can obtain one free report per year. 

If you discover any mistakes, you can contact LexisNexis, which will look into the claim. Depending on the situation, you may be able to add an explanation to the information that will be included in future reports. 

Consumers can also make use of a Loss History Report for real estate transactions. If you are considering a home for purchase, you can request a copy from the sellers. (The owner of the property has to make the request directly to C.L.U.E.)

A review of this report will shed light on any previous damage to the house, which you can then follow up on to verify any repairs before you purchase the home.