I do not know how expensive insurance rates are in your neck of the woods, but here in Tampa, Florida, property and casualty insurance rates have gone through the stratosphere! This is why I always check a potential option property's casualty and property insurance claims history before I make an offer to buy a real estate option. I do this by having my insurance broker verify the property's insurance claims history through the Comprehensive Loss Underwriting Exchange (C.L.U.E.), an insurance claim history information data exchange that insurance companies use to calculate insurance premiums when underwriting policies. According to the C.L.U.E. web site, their service: "provides loss history to help insurers qualify applicants and properties for homeowner coverage and helps insurers maximize premiums and minimize expenses." You must do this to determine whether the property is insurable and if it can be insured at the prevailing market rate for similar properties within the same area. To learn more about the C.L.U.E., log on to the following web site and click on C.L.U.E. report: www.choicepoint.net.
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