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Do NOT File a Home assurance Claim
By Stephen Bucaro
You can PAY for home assurance, but don't try to actually
USE your home assurance or you may be blacklisted by the
assurance companies. The home assurance companies only
want to TAKE in money, not PAY OUT any money. On Jan. 2,
2003 CBS Evening News exposed a scheme by home assurance
companies to blacklist customers who file claims.
According to the CBS Evening News report, the assurance
industry uses a secret system called CLUE (Comprehensive
Loss Underwriting Exchange) to blacklist customers who
actually try to use their assurance. The system was
originally set up to help companies detect fraud, But now
it's being used in a scheme to blacklist customers who use
their home assurance.
Several home assurance companies say they are blacklisting
customers who file claims because "claim losses outweigh
premiums". But consumer advocates say a look at the
companies financial records shows they are in financial
trouble because of big Enron and Worldcom stock market
losses.
According to the CBS Evening News report, if you try to
make a claim on your home assurance, you could be placed
on the assurance Industry Blacklist for five years. During
that period you will either be forced to pay outrageous
premiums, or you will be without assurance. If you try to
sell your house, you will find it is unsellable, because
it is uninsurable.
Your best option is to continue to pay your home assurance
premiums, but if something happens, like a pipe breaks or
a storm damages your home, pay to fix it yourself. Do NOT
make any claims against your homeowner assurance policy or
you may be blacklisted by the assurance industry. The home
assurance companies only want to TAKE your money, not PAY
OUT any money.
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