What is Xactimate and Symbility?

Xactimate is a software program developed by Xactware, a Utah-based company. It is used to determine the cost of repairs or replacement for insurance claims related to property damage. The software includes pre-built price lists that calculate the cost of materials, labor, and overhead for different types of repairs or replacements. 

The price lists are updated regularly to reflect current market prices and are based on local and national averages. Xactimate is widely used in the insurance industry and is considered the industry-standard for estimating property damage.

How does Xactimate work?

When an insurance adjuster receives a claim for property damage, they will typically use Xactimate to estimate the cost of repairs or replacement. The adjuster enters information about the damage, such as the type of damage, the size of the affected area, and the materials needed for repairs. 

Xactimate then generates an estimate of the cost of repairs or replacement, which the adjuster can use to determine the amount of money the policyholder is entitled to receive. The estimate generated by Xactimate is based on a standardized pricing system, which ensures that all estimates are fair and accurate.

Why is Xactimate important?

Xactimate is important for several reasons. First and foremost, it ensures that policyholders receive a fair and accurate estimate of the cost of repairs or replacement. Because Xactimate is based on a standardized pricing system, the estimate generated by the software is consistent and unbiased. This helps to prevent underpayment or overpayment of insurance claims. 

Additionally, Xactimate is widely used in the insurance and construction industries, which means that it is a universally recognized standard for estimating property damage. This makes it easier for insurance adjusters and contractors to work together and ensures that all parties are on the same page when it comes to estimating the cost of repairs or replacement.

Who uses Xactimate?

Xactimate is used by a wide range of professionals in the insurance and construction industries. Insurance adjusters use Xactimate to estimate the cost of repairs or replacement for property damage claims. 

Contractors and restoration professionals use Xactimate to create estimates for their work and to document their expenses. Xactimate is also used by property owners who need to estimate the cost of repairs or replacement for damage to their property.

Why Use Xactimate?

When it comes to estimating and adjusting claims for property damage, it can be a time-consuming and complex process. In order to streamline this process, many insurance companies and adjusters use software called Xactimate. Some people prefer Xactimate over symbility. You can check out their comprehensive comparison here. 

Accurate and Consistent Estimates:

Xactimate is a powerful tool for creating accurate and consistent estimates for property damage claims. By using this software, insurance adjusters and restoration contractors can calculate the cost of repairs using a standardized pricing database. 

This ensures that estimates are consistent and fair for both parties involved in the claim. Additionally, the software takes into account regional pricing differences and other factors that can affect the cost of repairs.

Faster Claims Process:

One of the biggest advantages of using Xactimate is the ability to expedite the claims process. By using the software, adjusters can quickly calculate estimates and provide them to the homeowner or business owner. This not only brings a sense of ease to the client but also helps the claim to be processed faster. This helps to decrease the chances of delays, errors, and disputes in the claims process.

User-Friendly Interface:

Xactimate is user-friendly and provides clear pricing options for adjusters. Even those with no prior experience with the software can quickly learn how to use it. Moreover, the software makes the adjuster’s job easier by including pre-built templates that can be customized based on the job type. This saves time and simplifies the entire process.

Compliance with Industry Standards:

Xactimate is accepted as the industry standard for insurance companies and adjusters. Therefore, using Xactimate is essential to comply with standardized protocols. If you use software outside of Xactimate, this might slow down the claims process and can lead to inaccuracies in data. Moreover, using Xactimate ensures compliance with the Colossus software used by larger insurance companies and carriers.

Increased Customer Satisfaction:

Using Xactimate improves customer satisfaction. As the claims process is streamlined and transparent, customers are well aware of the costs and time that will be incurred. Additionally, using an accepted industry standard business tool like Xactimate makes the claims process appear more legitimate and helps to build trust between the claimant and consumer.

What Types Of Tasks Or Items Can Be Estimated By Xactimate?

There are different types of tasks and items that can be estimated by Xactimate, giving you a better insight into the capabilities of this amazing software.

Roofing Estimates

One of the most common tasks that can be estimated by Xactimate is roofing. The software has a special set of tools that allows users to accurately estimate the cost of roofing repairs or replacements. With Xactimate, users can determine the cost of materials, labour, and other expenses such as overhead costs, clean-up, and disposal fees. 

Water Damage Estimates

Another task that can be estimated by Xactimate is water damage restoration. With its advanced tools and features, Xactimate can help users accurately estimate the cost of restoring a property that has suffered water damage. 

Fire Damage Estimates

Fire damage restoration is another task that can be estimated by Xactimate. With its advanced tools and features, the software can help users accurately estimate the cost of restoring a property that has suffered fire damage.

General Repairs and Replacements

Aside from these specific tasks, Xactimate can also be used for general repairs and replacements. The software has a vast database of materials and their prices, making it easy for users to estimate the cost of replacing or repairing any part of a property. 

Exterior Damage Estimates

Finally, Xactimate can also be used to estimate the cost of exterior damage repairs. The software can help users accurately estimate the cost of fixing damages caused by storms, hail, and other natural disasters.