How many years' worth of insurance claims history should a buyer request when making an offer?

When making an offer on a property, it is advisable for a buyer to request a five-year history of insurance claims. This length of time provides a comprehensive overview of any claims made on the property, which is crucial for several reasons.

Firstly, requesting five years of claims history allows the buyer to identify any recurring issues that may have caused claims, such as water damage, fire, or liability claims. Understanding this information can help the buyer gauge the potential risk and maintenance needs of the property after purchase.

Secondly, a five-year claims history can give insight into how the property's insurance premiums may have changed over time due to previous claims. This is relevant as it may impact the buyer's expected insurance costs.

Lastly, many insurance companies use data from the past five years to assess risk and determine policy premiums. Buyers need this information to avoid unpleasant surprises related to future insurability and costs after they acquire the property.

While shorter timeframes like two or three years might yield useful information, they may not provide a complete picture of the property's claims history, which is why five years is often considered standard practice in real estate transactions.