Does Xactimate Pay Enough Money?
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- เผยแพร่เมื่อ 28 ก.ค. 2024
- Xactimate pricing for insurance repair jobs. Does Xactimate software pay enough money on insurance claims? My short answer is YES, but please allow me to explain.
Many roofing contractors and restoration contractors get frustrated with Xactimate estimates because of the overall end price on an estimate. But the main reason why the estimate total is short usually is because the insurance adjuster or the contractor is missing ITEMS on the Xactimate estimate.
Please let me know what your thoughts are below.
Keep winning, my friends... Much love and God bless!
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Who is Chad Michael?
Chad Michael - also known as “The Practitioner” - is the founder of the “Insurance Restoration Training” platform and the “IESCertified.com Online Training Program”. Chad is the pioneer of “The Practitioner Podcast”, the founder of OverheadAndProfit.com and is also featured on the Insurance Restoration Training Official TH-cam Channel. He is a public speaker, trainer and serial entrepreneur.
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Thank you for posting this 50%, I've been waiting. I'm a female owned and operated construction company in Spokane, WA focusing on rebuilds after losses, and I am getting railroaded by adjusters.
As I am embarking on my journey with Xactimate, I find your videos extremely helpful and well thought out. I appreciate your input!
Thanks so much for watching and for taking the time to comment. Sincerely. Keep going! Much love and God bless. 🙏🙏🙏💖💖💖👊😉
Great advice, I really appreciate your time and help with the video...I'll keep watching, following and liking.👍👍👍
Thanks so much for taking the time to let me know, brother! As long as I know people can use the substance in these videos, I'll keep em coming, my friend. I appreciate your support. Much love and God bless you man. 🙏💖👊😉
Great video. Just like you said, Xactimate is a components based estimating software and that's where a lot of people get their estimates wrong. If you don't add in ALL of the associated items, you'll always be frustrated with the number at the bottom.
I couldn't have said it any better, my friend. Thanks so much for watching and for the awesome comment. Have a great weekend! Much love and God bless! 🙏💖👊😉
I agree with most of what you stated, with the caveat, reminder, or addendum, that xactimate prices in theory are set by the prices we are charging for specific work. I know that you are very familiar with this process.
An example of what I'm talking about is drywall installation and finishing. In the north Atlanta area you cannot find anyone that is willing to hang and finish drywall for Xactimate pricing. So what I've had to do in the past is get quotes from 2 or 3 different subs for the work and then submit that to the adjuster so that they would pay what it actually cost to do the work. If you do happen to find someone willing to work for Xactimate pricing then the quality of work is so terrible that you as a company will get slammed by the homeowner for shoddy or ugly workmanship. Rightly so because that wasn't the condition of the home prior to the loss incurred. This has been the case for years.
I think that it is important to educate Xactimate users in the process where they contribute to getting Xactimate pricing adjusted to their current local market conditions for specific line items.
Good work on explaining a lot of the thinking and process involved of something that can have its complexities. Keep it up!
Very well said, my brother. And for the record, you are a far better writer than I could ever imagine to be! 😜 You make an extremely valid point. It is indeed so very necessary to understand where those prices are coming from and how they are compiled. I recently had to deal with very expensive custom windows that Xactimate just didn't come close to in their item price. What I normally do in my example would be to manually change the material price in the Xactimate line item to match what it actually is... and if necessary the labor as well... and I would add a very detailed footnote to explain why. I would also attach the documentation to prove it. I like your method too. I love it that we are all out here killing the game as committed and very hard working #Practitioners! Keep going, brother. Thanks again for watching and for the awesome comment. Much love and God bless! 🙏💖👊😉
@@InsuranceRestorationTraining Thank you for the compliment. I agree, add that supporting documentation to everything.
The approach I generally take is to mentally put myself in the position of the adjuster. The adjuster has a job to do just like anyone else. They are expected to save the company money and not pay out on frivolous or inflated line items. If they do they can get called on that from their supervisor, additionally, some insurance companies (cough SF) give their adjusters year-end bonuses on how much they are able to save money for the company. So give the adjusters the documentation they need to not be questioned by their supervisor or the next level in the claims department.
I use this same mindset when meeting with the adjuster in front of the homeowner because the adjuster commonly has no 'friends', but are commonly considered a necessary evil from both homeowners and contractors. While in company of both parties, I explain to the homeowner that the adjuster has a job to do just like anyone else and that for them to pay out on a claim they need documentation that supports or justifies paying it. That's what we all work together to do, provide the adjuster what he needs to do his job and the result is returning the property to a pre-loss condition.
This approach has prevented many arguments and has diffused tension, and ultimately a paid claim.
You know how it is; if you go in with guns pulled there's usually going to be a shootout. Rather than do that and not only make an enemy that will make the entire claim a labored pain, you can gain the respect of the adjuster that you are treating them with respect. They in turn usually do the same.
Of course there's always the exception to this and you do have to pull out the 'guns', but it's always a last resort. I try to not go there because once you make for yourself a name, good or bad, it can make life easier or very difficult.
OK, I'm off topic now. Just something I deeply believe based on what I have learned and experienced. Maybe it will help someone not be to hasty in jumping to DEFCON 4 status.
In my area they pay enough for some items, they short the hours. in areas of plumbing, plaster, hvac, & electric is anywhere between 30%-50% low.
Going with the flow will make you bankrupt in my area. I was an adjuster, I know both sides of the business. There is a burden of proof. The carrier isn't the final word. The homeowner can activate a demand for appraisal. Truth be told, adjusting is full of non-educated adjusters. The adjuster follow the carrier guidelines.
Unit pricing is off in my area and there was a video from the CEO of Verisk addresses it.
I agree you have to lists all line items a light switch cover is R/ R , when we cut damaged dry wall up like 24 inches and replace I add a sealant to the studs and base plate normally shellac to prevent the studs from insects and future rot , I just add like 3 hours to labor takes minutes, also I add float / mud the entire walls , texture , seal / , paint two coats plus the other stuff protect floors , odor barrier , between rooms if occupied and anything else I can think of no adjuster has ever questioned my estimates some have ask about it because they never seen it before . Your videos are really helping me since I have been out of estimating for several years at 79 I just started my build back company and have a General contractor license that I use here on the treasure coast of Florida .
Why would a 79 year old salt start a company at my age ? well I have 30 years experience in the restoration industry , kitchen cabinet company , estimating , project management , build backs etc and hard to fine anyone that will hire me on the treasure coast of Florida . Besides my wife of 54 years has cancer and we decided to start alternate cancer treatments which insurance will not pay a dime . I hooked up with a small water / mold licence contractor so away we go what is going to make us a success is a positive attitude and work like I was 30 years old
I think they pay well for most things. Some things are not paid well like taking off base. But when u try to maximize every chargeable line item ( runners, blocking furniture, etc) u will win overall. Its one thing to write up an estimate, its another to maximize every little thing with documentation.
Thx for the vid chad
Well said, brother! And 1000% AGREED! Thanks for watching, my friend. Hope you're having a killer week! 🙏💖👊😉
Great content. Thank you
Pleasure is mine, brother. Thank YOU! 🙏💖👊😉
So I have been told that we arent aloud to use masking because it is consider part of the trade
What do you think of Xactimate's labor rates and the automatic hours they assign on how long a task will take?
Xactimate doesn't pay anything. The consumer does. The questions is, are the carriers indemnifying their clients per their contract. Great post Chad
Precisely, my brother. Great to see one of the best here on my channel. Humbled and honored. I hope you're doing awesome, my friend. It's been too long. Thanks for watching and for the comment. Much love and God bless. 🙏💖👊😉
Using the Xactimate pricing feedback will result in price increase for your local area price list for the items you have increased.
Truth, brother! Keep winning! 👊👊👊😉
I like the glasses. I need a pair.
Thank you, brother!!! It’s funny that you brought that up because just yesterday I was at the eye doctor getting a new pair. I had to update my prescription after the first 2 years with glasses. I still have those black ones though and I wear them constantly. I love them. Thanks for watching and for the comment, brother. 💖🙏👊😉
Here's the bottom line: Xactimate is not perfect. It takes skill in knowing what line items to use. And in the end, it's all about the grand total dollar amount for the job, and not necessarily the individual trade totals.
More importantly, this industry is about relationships: if the adjuster trusts you, then he/she will allow you to get to the number you need. Don't get greedy, and don't try and hit a home run on every job. Include all the "little stuff" in your scope, be honest, create trust, and do a quality job so that you build a strong reputation with customers, and with insurance adjusters. If you do this, you will make money for sure.
Truth, my friend. Awesome comment. Thanks for that and I appreciate you watching! 🙏🙌💖👊😉
NOT TRUE, MOST ADJUSTERS ARE GREAT EXCEPT THOSE WHO SPENT THEIR QUOTA UP AND NOW LOWBALLING THEIR CUSTOMERS
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Xactimate pays very well when used correctly. No doubt
100%, my friend. 🙏💖👊😉
no.
Thanks for the comment. 😉
Thanks for the comment. 😉