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2024 was a rollercoaster of a year. As an industry, we started off slow and ended the year with some significant CAT events and a big election, all while the nation experienced shifts in the insurance and claims landscape. Despite some challenges that still remain, I believe that our industry is positioned for great opportunities and growth in the coming year, especially for those who are ready to embrace change.
Claims Volume – How Much Was It Really Down in 2024?: In 2024 we saw numerous reports that claims volume was down last year and lots of speculation as to why. I’m still on the fence about whether this is a new reality due to insurance coverage tightening and deductibles going up. However, I also think it has to do with insurance carriers diversifying where they are sending their claims to. Regardless, the influx in catastrophe events certainly helped us round out the year on a much better note, and looking ahead, I anticipate the California wildfire work will help keep restorers on the west busy for 1-3 more years.
M&A Momentum: I’ve seen more activity on the M&A side in the last 90 days than I saw during the whole last half of 2024. Simply put, I don’t think anyone wanted to go to market during the election, but with that behind us, things are picking up. Regardless of your opinion on M&A, this increased activity benefits everyone in the industry. Just like home sales on your street boost property values, demand for restoration businesses raises the worth of yours, even if you’re not looking to sell
To make the biggest impact, we need support from every corner of the restoration industry. Of course, having major players on board is crucial—they often hold the key connections with carriers that benefit the entire industry. However, this effort isn’t just about the big names. It’s about all restoration companies, big or small. What is a trade association if it doesn’t represent everyone?
That’s why we’re inviting everyone to join us. If you’re just starting out or have been in the industry for decades, your voice matters. To make membership accessible, we’ve introduced a discounted rate of $299 for the first year, which can be paid in full or in $25 monthly installments. We need you—whether you’re a leader in the space or took your first job yesterday.
Together, we can create lasting change for the restoration industry. With a united front, we’ll ensure RIA remains the advocate this industry needs, paving the way for better communication, faster payments, and stronger relationships across the board.
AI (Talk is Cheap): Everyone likes to talk about AI, but the companies that actually use it will be the ones that are set apart. I recently saw a demo of an AI tool that automatically analyzed a walkthrough video, pulled still photos, summarized the contractor’s discussion, and sent a detailed update to the client. Think about it: if this tool saves an hour or more per job, the cost savings alone could be game-changing. Plus, the faster turnaround would mean happier clients and adjusters. We’ll never replace the need for boots on the ground, but there’s a big opportunity here for restoration businesses to differentiate themselves through automating what they can.
I truly believe 2025 will be a great year for our industry. On a personal note, I have a few goals of my own: celebrating 20 years of marriage with Tavia, golfing 52 rounds, hitting the slopes at least five times, and taking more trips with the people I love.
What’s your perspective on 2024? What are your goals for the year ahead (and if you know of any ski spots I need to check out, let me know!).
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