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Archive for the 'Home Insurance Claim' Category

August 15, 2016

geo2We previously discussed this topic in a LinkedIn discussion because it is such a useful development that it merits buzz. The best way to explain it is to compare it to a practice that is the norm in the automotive industry – Vehicle Claims History Reports. Before you purchase a used vehicle, you want to ensure that the vehicle has never been in an accident or had repeated claims because those facts impact the value of the vehicle. The same goes for a house.

While this has become commonplace in the auto industry, it is a fairly new capability as it relates to homes. Now you can get an insurance claims report on a property. You can do your best to investigate a property for your client but the reality is, there are many things that are naked to the human eye.

What kind of information can you find in a home insurance claims report?

Well, the most obvious answer is any previous insurance claim. This is very telling because you may discover that the property is in an area prone to floods or high wind. Repeated claims in this regard should be a sign of a costly problem your client may encounter. How about claims concerning floods because of plumbing issues in the home? With repairs, these are issues that a home inspector may not realize have occurred but may be revealed in an insurance claims history report.

You can also use the insurance claims history report to look at insurance claims in a particular community to determine if there is a consistent history of a particular type of claim. Is a claim specific to the home or is it a larger problem occurring throughout the entire area?

The less obvious information that is included in an insurance claims history report that is incredibly valuable is if the property was previously used as a grow op or a meth lab. Both of these issues, besides the obvious stigmatization ones, can leave structural and electrical issues. There can also be mold problems that can lead to serious health issues.

A home insurance claims history report in no way replaces the need for a home inspection. In fact, you can provide the home inspector with a copy of the home insurance claims report so that they can hone in and further investigate areas of interest.

Although only speculation, it is likely that in the future home insurance claims history reports will be commonplace – something that all real estate sales professionals will provide their clients with.

Want to dig deeper with your own insurance claims report? GeoWarehouse has you covered: www.geowarehouse.ca.

 

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Home Insurance Claim

When you are listing a property for a client, knowledge really is power. It is crucial to be able to learn as much about a property that you are listing as possible, even if your client doesn’t have the ability to provide you with all the information you need, either because they don’t know or because they have omitted it. Offers can fall through on inspection when a skilled home inspector comes out and identifies things that your client hasn’t apprised you of.

 

Some examples of potential deal breakers are homes that have electrical problems or homes located in areas prone to floods. Being able to find out all the relevant information on a listing enables you to provide your clients with more value as they will see that you have covered all bases. It helps to identify issues and properly set expectations at the beginning of your client relationship.

Ensuring the above can be accomplished by finding out if a property has had a home insurance claim on it. An Insurance Claims History Report will do just that and many home inspectors request these reports before seeing a home. This enables them to hone-in on things that they should look for when inspecting a home for a buyer. An Insurance Claims History Report can reveal insurance claims for fire, floods and can even tell you if a property has been used as a grow-op.

What begins as a simple act to ensure complete due diligence can quickly morph into a fantastic sales tool. If you request an Insurance Claims History Report on a property that comes up clean, this is information you can share with the real estate sales professionals who represent those buyers interested in your listing. Being able to review a home insurance claims history on a particular property is truly a win-win any way you look at it.

So now the question is how can you request an insurance claims history on a particular property? This is where things get exciting; as a real estate sales professional you likely access GeoWarehouse to perform other searches such as Parcel Registers, or request other reports like the Property Details and Neighbourhood Demographic Reports. Well, now through the GeoWarehouse Store you can request a report by HomeVerified which will review the home insurance claims history on a particular property or even an entire neighbourhood.

Now you can do an even better job for your clients effortlessly. For more information about how you can request a HomeVerfied Report on GeoWarehouse please visit www.geowarehouse.ca or call 1-866-237-5937.

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