If you aren’t scanning your property claims for foreclosures, you could be paying claims unnecessarily. Last year, lenders completed 767,000 foreclosures, according to data from CoreLogic. From 2007 to 2012, the United States saw 4.1 million completed foreclosures. Your adjusters need to know when a property claim involves a home in foreclosure. To learn how you can get that information, check out our ISO ClaimAlert™: Foreclosure now.
The rate of foreclosure may be declining since 2008, but activity remains high. In December 2012, lenders completed 56,000 foreclosures. From 2000 to 2006, on the other hand, CoreLogic reports an average of only 21,000 completed foreclosures per month. Simply put: The December 2012 foreclosure rate was 176 percent higher than the pre-financial crisis five-year monthly average.
The financial climate for homeowners is clear: Although the worst of the mortgage crisis appears behind us, the new norm is still far worse than what preceded 2007. Claims adjusters need to remain alert to the implications of foreclosures for property claims, and they should use foreclosure as an indicator that more investigation is necessary.
ISO ClaimSearch®, the property/casualty industry’s all-claims database, has 33 million property records as of the end of 2012. And with our new service, ISO ClaimAlert: Foreclosure, your adjusters will find out which property claims involve a foreclosure. With that information, they can take the steps necessary to ensure that a claim payment is warranted.
Don’t pay claims unnecessarily. Use ISO ClaimAlert: Foreclosure to make faster claims decisions better.
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