Hurricane-Battered Florida Saw Steepest Home Repair Cost Increases in 2004
Home repair prices in hurricane-battered Florida rose by more than 13 1/2 percent in 2004 according to Xactware, Inc. How do they know? Because Xactware provides more structural repair cost data for insurance carriers and repair contractors in the United States than all of its competitors combined. The District of Columbia was second on the list with an increase of more than 12 percent, followed by five states that were in the path of the 2004 hurricanes. Price increases in these states ranged from above 9 percent to more than 10 percent. On the bottom of the scale was Massachusetts with slightly more than a 3 percent increase.
Xactware releases information about residential reconstruction trends periodically. These releases, called XactFacts, are statistics, rankings, trends and other helpful information related to the property repair industry. XactFacts are gleaned from Xactware research and millions of estimates processed through Xactware's business-to-business network. Insurance companies, contractors, subcontractors, suppliers and independent adjusters use Xactware's network. Xactware's unique ability to analyze data from all sides of the reconstruction industry provides accurate information about national and local trends. XactFacts are published on Xactware's Web site (www.xactware.com) and in press releases throughout the year.
Xactware has been providing building cost data to the insurance repair market since 1986. Insurance carrier clients using that data today account for the majority of property claims in the United States and Canada. The building cost data published by Xactware represents a unique combination of direct research with material and equipment suppliers and labor providers, as well as an analysis of estimates written for the purpose of winning contracts and settling property claims. Analyzed written estimates come from insurance carriers, independent, adjusters, contractors, specialty program administrators and other service providers writing estimates for property restoration. This method provides the highest level of confidence.
CONTACT: Xactware, Inc., Orem, Utah | Ken D. Loveland, 801-426-3879 | firstname.lastname@example.org
Xactware Solutions, Inc. (Xactware) is a wholly owned subsidiary of Verisk Analytics specializing in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time.
For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228 or online.