3 Tips To Improve Construction Insurance Estimates
Construction professionals are often faced with the task of fixing damage that was done to a commercial facility. Insurance policies will help cover the cost of these repairs, but the property owner and the contractor must submit an estimate to the insurance adjuster before repairs can be approved.
The quality and accuracy of a construction insurance estimate will play an influential role in determining how much an insurance company is willing to pay for repairs.
1. Sketch Accurately
Many contractors will use sketches when preparing insurance estimates. Sketches can be valuable tools in determining the volume of materials needed to complete repairs.
It's best to create all sketches while on-site at the commercial property. This will ensure that your sketches are as accurate as possible. You should also consider using a software program that can convert your manual sketches into digital images in real time.
Access to accurate sketches can improve the accuracy of insurance estimates over time.
2. Photograph Everything
Photographs are another powerful tool in the creation of construction insurance estimates. Each line item on an estimate must be justified through detailed photographs.
You can streamline the repair process by photographing all damage from multiple angles. It's better to have more photographs than you need than to be forced to return to a repair site to capture a single photograph that must be included in your estimate.
Label each photograph clearly, and include a brief description of the repairs needed to help you stay organized when uploading photographs into an estimating software program.
3. Document Initial Findings
Most commercial clients will contact your construction company within hours of discovering serious damage. This expediency allows you to assess the condition of the property and make your initial recommendations without delay.
Your software estimating software should allow you to document your initial findings for use in the preparation of a formal insurance estimate. You will want to include information like the volume of any water present, the source of flooding, the extent of structural damage, and the location of any damage.
An accurate record of your initial findings will help you determine if additional damage occurred after your assessment. An insurance carrier might not cover subsequent damage, and a document of your initial findings can help keep your estimate accurate and organized.
Invest in a quality estimating software if you plan to prepare construction insurance estimates in the future. The right software will help you improve the accuracy and quality of your estimates over time.
To learn more, contact a resource that offers services such as Xactimate estimate writing.