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Keeping an Eye on Foreclosures

CoreLogic’s most recent data shows that approximately 902,000 homes were in some stage of foreclosure in September 2013. As in past months, Florida remained the state with the highest percentage of mortgaged properties in foreclosure with 7.4 percent, followed by New Jersey with 6.5 percent, New York with 4.8 percent, Maine with 4.0 percent, and Connecticut with 3.7 percent.

Insurers should be concerned if the properties in a claim are in any of the stages of foreclosure, since that could be a red flag for fraud. Property owners who cannot pay their mortgages may have the motivation 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.

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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