Why Property Fax ?

Even when a home inspection is performed, there are no guarantees that the home doesn't still hold hidden damages.  By providing access to a claims history report, Property Fax helps first time home buyers and seasoned investors, real estate agents and investors make informed decisions regarding these potential investments.  If a burglar robbed the home in the past, the buyers can find out if the house is now secure.  Do the alarms work?  Have new locks been installed?  Was it an isolated incident?  If the answer is no, the buyer can rethink the purchase, or negotiate a lower price.

The report that you are purchasing contains a 5-year history of loss information submitted for payment provided by insurance companies including contamination, earthquake, fire, flood, freezing water, liability, lightning, smoke, theft/burglary, vandalism, water and wind damage claims.  It contains claim information such as date of loss, type of loss, amounts paid and a description of property covered.   

How can previous claims on a house you don't yet own wind up haunting you?  A typical example goes like this: The homeowner discovers a leaky bathroom faucet and calls his insurance agent to discuss whether he should file a claim on his home insurance policy.  Since the policy has a $500 deductible, he decides to repair it himself and doesn’t actually file a claim.

During the sale of the house, the homeowner discloses to you a previous claim for a burst water pipe in his basement for which his insurer paid, but doesn't mention the leaky faucet.  After all, it is repaired and he spent his own money to fix it.

When you go to purchase a policy for this home, you're denied based on the fact the home has had two claims in the past three years: the burst pipe and the leaky faucet.

What has happened is the homeowner's insurer opened a claim file on the leaky faucet as soon as he called and then later marked it "closed, with no payment" when the homeowner decided to fix the leak himself.  Insurers say it is standard procedure to record such telephone inquiries in this manner.