Foreclosure Alert provides actionable information to help you minimize risk from properties currently or previously in foreclosure. You can use the tool at the point of sale to support underwriting decisions and at the portfolio level to monitor changes in foreclosure status for multiple policies.
For a variety of reasons—such as neglect, vandalism, and crime—many homes in foreclosure suffer damage that may not occur to other properties. Data analysis at Verisk identified an increase in the frequency and severity of claims for properties in foreclosure: 40.4 percent of foreclosed homeowners filed claims compared with 32 percent for nonforeclosed homes. The average claim cost for a property in foreclosure is also higher.
Foreclosure Alert draws from multiple sources of actual foreclosure data, which ensures you get the most reliable information, largest coverage area, and highest results yield possible.