While on vacation several years ago, a water line ruptured and caused damage to a luxury residence in Atherton, California, which was not discovered for nearly a week by the owners.
The water and the effects of water were not remediated for approximately two weeks after discovery, causing further consequential damages. The owners of the residence had used high-end finishes and flooring to upgrade their residence. The water-related damage and high-end finishes caused the reconstruction cost estimate to be much higher than a typical suburban residence and their home insurance carrier refused to accept the higher estimate.
Steve’s been involved with reconstructing homes using luxury finishes and flooring for many years, and he’s observed the typical Xactimate guide used by insurance companies has been, at times, inaccurate.
When standard information sources cannot provide accurate pricing information, obtaining subcontractor bids and using quotes for the same materials and products must be used to provide accurate pricing. The expert must be capable of defending their scope, approach and pricing.
Steve helped the owners identify the opulent finishes used in their home and get accurate price quotes to replace them. He then held events to get pricing from qualified and reputable subcontractors.
Steve produced a bid to replace the damaged structure and luxurious finishes that was considerably higher than the amount offered by the family’s home insurance carrier. An appraisal award was made at a price very close to Steve’s bid.