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Knowing The Claims History Will Help With Property Insurance Claims

Do You Know The Property Insurance Claims Made On Your Home?

Knowing The Property Insurance Claims Will Alert You To Future Issues

Do you know the Property Insurance Claims that have been made on your real estate investment property?  If you do not know then you could be potentially creating an environment where you can have a liability on your hand later on down the line.

What Are Property Insurance Claims?

These are the specific claims that have been showcased with your property.  Essentially, the insurance claims that have already been made revolving around a specific incident.  As a real estate investor, you need to know what investment you may be getting yourself into.

These claims, which you could get through a C.L.U.E. report will allow you to not only understand the specific claims that have been made, but also the circumstances surrounding them, such as water damage being from a flood.

Why Should You Know The Property Insurance Claims Of Your Investment?

If your real estate investment has seen some type of flooding, then is it possible that it may have mold damage which will only grow worse over time?  Furthermore, is it possible that, because of the potential for molding, your tenant may sue you if they suffer from respiratory issues as a result.

This may be likely and if it does occur, you may be faced with a lawsuit.  That is why it is essential to know the nuances of your real estate investment before you purchase the home!

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Claims History Of The Property Is Essential!

DO YOU KNOW THE CLAIMS HISTORY OF YOUR REAL ESTATE INVESTMENT?

CLAIMS HISTORY WILL REVEAL NEED-TO-KNOW INFORMATION ABOUT THE PROPERTY.

When it comes to real estate investments, home history is important.  The Claims History of a property will give you a window into any previous discrepancy it may have had prior to purchase.

What Does Claims History Show? 

The claims history of a property can answer the following questions a real estate investor might have:

  • Has the home been flooded?
  • Was there fire damage?
  • What about wind or hail damage?

For example, the history of the home may reveal that the house has sustained flooding damage after the most  recent hurricane.  Thus, you, as a real estate investor, can then make a more formidable investment decision.

Why Is Claims History Important?

These are all important because it can impact future liabilities.  For example, if there was past flooding on the property, will there be mold issues later on? Additionally, if there was fire damage, will this create ventilation issues? The more you know, the better prepared you can be.

Remember, you can also get a C.L.U.E report to find detailed information on the property you intend to purchase.