What is a Loss History Report for Homeowners Insurance?

Posted on June 5, 2023


Long Nguyen | author

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ICHQ | Site Author

Loss history reports are one tool insurance companies use when evaluating the risk posed to an insurance company through offering homeowners insurance. Loss history reports contain detailed accounts of losses and claims made on the homeowners insurance policy that typically occurred five to seven years back. Understanding how loss history reports work can empower homeowners to know how an insurance company evaluates the risk associated with a policy.

What Is a Loss History Report?

A loss history report is a detailed report on claims associated with a home or vehicle sent to an insurance company for reimbursements. This report will go five to seven years back and will include information such as:

  • The type of loss
  • Date of claim
  • Claim amount
  • Current status of the claim
  • Result of claim

A loss history report will significantly influence the cost of an insurance plan to the policyholder, with more losses bringing higher premiums.

Why Insurance Companies Use Loss History Reports

The home insurance business evaluates the risk a policyholder provides the company. Insurance underwriters are employees whose sole job is to assess the risk that individual policyholders will provide to their company. Using this data, they determine the coverages and premiums a policyholder will have.

Loss history reports give underwriters a clear look at claims that policyholders have made for reimbursement to insurance companies. Underwriters then use this report to determine what a homeowners insurance plan will cost the insurer. The contents of a loss history report will significantly influence the policy premiums of the policyholder.

How to Access a Loss History Report

Loss history reports are available to access once a year for free online. The primary report most commonly used by reputable and prominent insurance agencies is a CLUE report. The CLUE report is a database run by LexisNexis that contains claims made going back seven years.

This report includes the following:

  • Name
  • Address
  • Date of birth
  • Social Security Number
  • Paid claims
  • Denied claims
  • Descriptions of claims
  • Inquiries made to your insurance company

It is your right to access your CLUE report for free once a year from LexisNexis online or via telephone.

Another loss history report database that is occasionally used is the A-PLUS report by Verisk. This report contains similar information to the CLUE report. It is available for free online or by telephone via Verisk. Accessing your reports will not impact your credit score.

Can Loss History Reports Have Inaccuracies?

Loss history reports can contain inaccurate information that can negatively impact your premium prices or your ability to get a homeowners insurance plan. If you find errors in your report, you can contact your state’s Insurance Department and request corrections to be made.

Insurance Claim HQ Is Here for You

Inaccurate loss history reports can lead to overinflated policy premiums for homeowners insurance policies. Your home is where you are meant to feel safest, and an erroneous loss history report can uproot that feeling of safety when premiums start to go up in a homeowners insurance plan.

Understand that insurance companies don’t always work in your best interest, and sometimes experienced legal help is needed to reach a resolution that meets your needs. The homeowners insurance claim attorneys at Insurance Claim HQ can help you review issues related to your loss history report. Contact us today to address any homeowners insurance problems you are facing.

FAQs About Loss History Reports

Can loss history reports contain inaccurate information?

Yes, loss history reports can sometimes contain inaccurate information that can negatively impact insurance premiums. Contacting your state Insurance Department can address inaccuracies.

Who can view my loss history reports?

Under the Federal Fair Credit Reporting Act, only the property owner, the lending service, or the insurance provider can access your CLUE report.

Do loss history reports affect homeowners insurance premium prices?

Yes, an insurance underwriter will analyze your loss history report to determine the cost of your insurance plan.