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2 comments on “The value of understanding appraised value, market value & insurance value

  1. E Rodriguez says:

    Would you be so kind as to explain why the pricing from Xactimate the most often used and universally accepted CLAIM estimating software has lower pricing than the software used to determine the insurable value of my home? I have scrubbed out opinions, estimates from starving contractors and only considering the published math. I am very familiar with reconstruction as I have received several HUD grants and loans for the rejuvenation of existing housing stock under federal guidelines and in some cases inclusive of the Davis Bacon Act. Through my corporation I have supervised or personally closed approximately three hundred and fifty million dollars of claims in the past five years. I do not understand that specific price difference. Thank you.

    1. lynnem says:

      I checked into your questions with the folks are Xactware, and here’s how they explained it: The same pricing cost research is used for both claims estimated in Xactimate and underwriting valuations estimated in 360Value. Both programs use the same underlying program code to generate an estimate. Within Xactimate, the user must select the appropriate items for use in a claim repair estimate, whereas 360Value selects the appropriate line items based upon the inputs provided regarding the home’s size and characteristics. Xactware uses three methods to update a full price list each quarter – a “Top Down” approach from live estimates written by contractors, service providers and adjusters, a “Bottom Up” approach to independently research all costs associated with labor, material and equipment to perform each task in the price lists, and Real-time Feedback Tracking, which has to do with market conditions such as supply-and-demand issues.

      I hope this information answers your questions – and if not, please let me know so we can get more info for you. Thank you for your inquiry.