CoreLogic’s latest report shows there were approximately 879,000 homes in some stage of foreclosure and 48,000 completed foreclosures in the United States in October 2013. Properties in any stage of foreclosure are a cause for concern for insurers, since that could be a red flag for claims fraud. Property owners who cannot pay their mortgages may be motivated to resolve some of their financial woes by committing insurance fraud.
ISO ClaimAlert™: Foreclosure, the newest tool in the ISO ClaimSearch® suite, scans property claims as they come in to ISO ClaimSearch — flagging those with properties in foreclosure and notifying adjusters that they may need to investigate further. ISO ClaimAlert: Foreclosure helps insurers make better-informed claims processing decisions.
For more information, contact your ISO representative or fill out this form.