5 /5 Michael Wallace: I am on the Board of Directors of a residential HOA in Florida. For several years, our insurance premium continued to increase. We did not receive any communication from our long-term agent until renewal time. The only thing we received was the renewal premium, which consistently increased. Many times, we were told our community was “lucky” to get insurance at all and that there was “nothing” to be done.
I am an investor and own rental condos in a few communities. While on a Zoom call for another community I heard Nick Sledge at a Board meeting. He reported that the insurance premium had substantially decreased. I was intrigued. I contacted Nick the following morning. We had a long conversation where he explained his process and how, during a period of years, he has been successful in reducing insurance premiums for Communities.
He presented his proposal at our next Board meeting and we switched Agents. During a period of about three months before the renewal, Nick work tirelessly, going through reports, explaining what needed to be done, and helping the Management take actions to help in the renewal. Nick was able to obtain a reduction in the overall premium for the next period. Nick’s philosophy is refreshing and greatly needed in this industry.
Unfortunately, the Members of the Board of Directors are unpaid, and not knowledgeable regarding the intricacies of this complicated process. We are forced to rely upon Insurance Agents and professional management companies. Some have referral arrangements where the Management company receives a commission for the premium. These cozy relationships can lead to unnecessary higher premiums.
Nick is an activist Agent. He takes a proactive approach. With Nick’s guidance, we are working on projects that will lower our insurance premiums even more in the next few years. Nick will keep in touch with you throughout the year, not just before renewal.
Because of this, I would recommend Nick Sledge as insurance agent for residential HOAs.
