Standardization is at the heart of all valuation services offered by HMI. Below is a description of the systems, data, expertise, and protocols we use to ensure our clients receive accurate costs.
In 2017, HMI conducted a comprehensive labor rate study to determine the range of hourly rates for professional tree crews across the country. Next, we worked with the companies in our Authorized Member Network to establish a range of labor hours and equipment costs required to complete emergency tree removals on residential properties under varying conditions. With this data, HMI was able to create its Tree Removal Cost Guide. Since 2017, the guide has been regularly updated to reflect current operating expenses and has been proven to accurately predict costs in over 80% of the emergency tree estimates audited by HMI. The guide has become a valuable resource for the insurance industry and is regularly used by adjusters to audit invoices submitted for emergency tree removal claims outside of the HMI program.
HMI maintains a database of prices on trees and shrubs collected from wholesale nurseries located across the country. The company’s database currently includes over 1 million wholesale-based prices. We have developed multiple business rules, validations and algorithms to vet and properly apply all prices in our database to support the calculation of average replacement costs on over 12,000 types of trees and shrubs. In circumstances requiring more customized costs, the consulting team has vast experience sourcing plant material and determining actual costs for purchasing, transporting, and installing it on a specific property.
HMI works with each client to determine the most appropriate valuation method to use based on the specifics of each case.
HMI has inspected thousands of large properties with numerous acres of damaged plant material. Determining the reasonable cost to properly and safely remove large quantities of trees and tree debris requires years of experience. Field inspectors are practitioners with most of them having 15+ years of operational experience in pricing and removing large quantities of tree debris from commercial and municipal properties.
HMI’s experts have extensive experience estimating costs to repair a broad range of outdoor assets such as trees, landscaping, turf, hardscapes, irrigation systems, and golf courses. We perform estimates at every stage of a project, from the conceptual level to the full construction/restoration document level. The accurate calculation of repair costs is a critical step in assisting property owners to restore damaged property or in resolving insurance claims. HMI’s work product has withstood expert peer review in the courtroom and in reconciliations on thousands of insurance claims and litigations. Our clients can be confident knowing that their decisions are made on well-grounded numbers.