Xactimate
Definition:
A widely used software for creating property damage repair estimates.
Explanation:
Insurers, contractors, and adjusters use Xactimate to calculate the cost of restoring a property to pre-loss condition. It standardizes pricing for materials and labor.
Example:
After a kitchen fire, an adjuster uses Xactimate to prepare a repair estimate totaling $35,000.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.