By on March 13, 2014 Posted in Yesterday, our firm hosted a training seminar for public adjusters and others who use the insurance claims estimating software, Xactimate. During the seminar, a common theme began to develop in the comments we heard. Almost every Xactimate user we spoke to said the same thing, Xactimate’s pre-installed prices have been steadily declining over the last several years.
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This got me thinking, as many of my New Jersey clients are seeing building material prices increase for them. I did some research, and as the below graphic illustrates, the prices of common building materials have increased as much as 30%. This begs the question, why is the exact opposite trend occurring in Xactimate’s price list? I would argue Xactimate’s biggest consumers are insurance carriers and they are simply giving their customers what they want. Sadly, this disturbing trend is hurting insureds who may not have professionals representing them. The average homeowner is not aware of trends in materials pricing and will likely assume the insurance carrier is providing them with accurate information at all times.
As the above graphic shows, insurance companies may be underpaying these homeowners by at least 30%. If you have a claim, it makes sense to speak to a claims professional. What may seem like a reasonable estimate in terms of what to repair may, in fact, be woefully inadequate when it comes to the price of the repairs. An insurance professional can protect your interests. I’m glad this issue is receiving some attention.
As a roofing contractor this is a battle I fight on every job that involves insurance funds. In the past here in Texas I could meet an adjuster at a house and have a conversation about the required scope of work and the necessary costs.
New legislation aimed at preventing “unlicensed claims adjusting” has created a terribly one-sided and unfair environment in which any contractor doing his due diligence can be accused of unlicensed adjusting, a criminal offense! We contractors are at the receiving end of lowball payments.
It is our bottom line that is scraped thinner every year. It is our families who feel the impact the greatest.
This new law effectively eliminates what has been a major roadblock against unfair claims settlements by insurers–the roofing contractor. Property owners are now forced hire a public adjuster and/or an attorney just to get what they are owed. It is a win-win for attorneys and public adjusters to have this information and to act on it. I encourage everyone reading this to do everything you can to educate yourself about pricing. It always shocks me how far removed the insurance experts are from the reality of construction and remodeling. Get away from the computer and go meet a general contractor or a roofer.
Buy him a beer and let him tell you some things you didn’t know. Thank you Chip for providing this resource. It’s worth far more than any industry magazine subscription. Wood General Manager Storm Contracting, Inc DFW, Texas •.
While the Xactimate published costs should be thoroughly researched and questioned when the data does not match real world pricing – the conclusion that insurers may be underpaying homeowners by at least 30% is accurate. Material costs as a rule of thumb are roughly 30% to 50% of the cost of many construction operations – thus if material costs are underestimated by 30% the total cost for that work is underestimated by 30% of this 30-50% component. In addition of the 6 costs shown in the graphic – 30% is the highest. The most that can be extrapolated from the graphic is that there is the possibility that underpayment may range from 2.2% to 30% of the roughly 30-50% materials component used. This of course does not look at the impact of wages, productivity etc.
Microsoft Office 2003 Basic Iso Download. That also influence pricing. As a prior local roofing contractor I fought these issues all the time. Supplements were always required (I would have to use XM8 detail item cost and break it out to prove my cost increase). If I did not get the additional increase I would have to walk away/loose the job to a storm chaser who often waive the deductible. As an active Independent Adjuster our pay is based upon written XM8 estimate (Symbility and Simsol are low too). That 20% to 30% could get us to the next fee level; which adds to the bottom line that can make or break a trip. Adjuster to contractor; know how to use the estimating software and be ready to document your reason for cost increase.