Here is a little bit about Xactware and the Xactimate estimating software.
Xactware Solutions provides computer software solutions for professionals involved in estimating all phases of building and repair.
In 1986, Xactware opened for business with Xactimate, its flagship estimating system. Xactimate helped contractors and insurance adjusters estimate repairs much faster and more accurately than they ever could before. Since then, Xactimate has evolved into a high-powered package complete with a patented plan-sketching program, and Xactware has become much more than just Xactimate.
Today 22 of the top 25 property insurance companies in the U.S. and 10 of the top 10 Canadian insurers use Xactware property insurance claims tools. Xactware features software solutions for every phase of a building’s life: from remodeling to totally replacing a building, from determining the cost of rebuilding a structure to preserving and repairing a home.
Xactware also provides tools to estimate personal property, emergency repairs, and more. Xactware users can work on a desktop, laptop, tablet, smartphone, or “on the cloud” using browser-based solutions. Estimating products are connected to a comprehensive set of tools that includes an assignment network, analytical reports, cost research, project management, and third-party products. The online training center provides users with high-quality training on Xactware solutions and the construction industry.
Xactware reinvests heavily in research and development as well as in the quality of people who develop its products.
Xactimate uses market pricing for Materials and Labor
Through material and labor pricing analysis Xactimate determines the current pricing for materials and labor. So the insurance company and the roofing contractor are using the same data. The biggest factor is getting the right specification.
This is how most insurance estimates are written.
The estimate will be broken down into sections such as the Roof, North Elevation, South Elevation, Shed and so on. These will be heading titles.
After the heading title there will be columns.
The first column will have a list of damaged items that need to be replaced such as “Shingles, 3-tab, fiberglass 25 yr, Tear out”.
The second column will have the quantity for that item.
Third column will be the price value for that item per square foot or lineal foot and so on.
Fourth is the RCV “Replacement Cost Value” or RC “Replacement Cost”. This is the value in today’s dollars to repair or replace this item.
Fifth column will be the amount of depreciation assigned to your claim. If your roof is half way through it usable life there may be a 50 percent depreciation assigned. So if this line item is worth $1,000 and depreciated 50 percent there will be $500 of depreciation. Most policies are written so that when you complete the work you can get the depreciation amount. There are some policies that only pay the non depreciated amount and you would have to pay the depreciation plus your deductible.
The sixth column is the ACV “Actual Cash Value” amount for the claim. This is the amount that the insurance will pay immediately minus your deductible.
When you complete the roof your roofer would have to provide an invoice for the full amount of the claim and a finaled permit to the insurance company. This will release the depreciation amount.
It is against the law in Colorado for the roofing company to pay for your deductible. If the claim total is $10,000 and the roofer charges $7,500, the insurance company will keep the difference. The only one that loses here is the owner of the property as shortcuts will have to be made to produce the work for less money.
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