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Foreclosures Remain a Concern for Insurers

CoreLogic’s most recent data shows there were 48,000 foreclosures in August 2013. CoreLogic also reports that approximately 939,000 homes in the United States were in some stage of foreclosure as of August 2013. As in past months, Florida remained the state with the highest percentage of mortgaged properties in foreclosure, followed by New Jersey, New York, Maine, and Connecticut.

The financial stress of foreclosure can be a red flag for fraud. When a property is in foreclosure, it may be a sign that the motivation to commit fraud is present.

Insurers processing property claims can make more informed decisions when they know if the insured’s property is in one of the stages of foreclosure. That’s why we offer ISO ClaimAlert: Foreclosure, the newest tool in the ISO ClaimSearch® suite. It 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.

Brian Panebianco

Brian Panebianco is responsible for the research and implementation of innovative ideas to enhance and expand ISO ClaimSearch, the property/casualty insurance industry’s largest all-claims database.

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