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Do home insurance companies share claim information?
I’m looking into new home insurance companies and the rates seem really high. I can’t figure out why. I have filed a few claims since I’ve been insured with my current company. Could that be the reason? Do home insurance companies share claim information?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you’re right, this could be the reason!
Home insurance
companies share claim information through a report called CLUE or Comprehensive Loss Underwriting Exchange. Whenever you file a claim with an insurer, they log and store the information. Any time an insurer looks up your information for a CLUE report, any claims you’ve filed could influence your rate.
Typically, claims impact your rate for three to five years, depending on the company. After five years, claims normally either are removed from your record or insurers no longer include them when rating your policy.
That said, other factors influence your rates. Your location, home, credit history, and the coverage you want can impact your rate as well.
If you want to save money on home, renters, or car insurance, the
Jerry
app is a good place to start. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new home or renters insurance. Jerry will even help you cancel your old policy.Should you not find a lower rate right now, keep requesting quotes every six months to a year. As your claims age, your rate should lower, provided you don’t submit any additional claims.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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