It was afterall a multi-billion dollar event. Most professionals in the industry were fairly confident that the May 2016 pricelist would show an increase because of the direct market impact.
It could even take two months or longer for the software to reflect the true market data.įor example, look no further than the recent April 2016 massive hails storms in North Texas, which affected the Dallas Fort Worth market. However, after a hail storm, hurricane, large flood or other natural disaster which affects an entire market, usually -generally speaking- the pricelist for that market will go up in the next monthly pricelist update. This isn’t always a great thing for contractors as sometimes it goes down. Sometimes it changes a little and sometimes it changes a LOT. Every month, the price to remove and replace one linear foot of fascia changes, for example. San Diego has a different pricelist than Los Angeles Miami has a different pricelist than Orlando, and so on.Įven more significant, Xactimate changes all pricelists once per month. Xactimate has a separate pricelist for different markets.
This includes variables for labor, material, equipment, general site conditions and general contractor’s overhead and profit. Xactware conducts extensive market research and comes up with a price for almost every conceivable item in construction. Over 80% of insurance companies – including State Farm, Farmers, Allstate, USAA, Nationwide, MetLife, Liberty Mutual, Safeco, The Hartford, American Family, ASI, American Modern, QBE and many more – use the industry standard pricing software called Xactimate.Ī) Xactimate is a third-party software made by Xactware, owned by Verisk. Contractors: if you don’t know how much insurance companies pay for property repairs, you aren’t generating the correct amount of income.
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