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Without hesitation , Don says he and the rest of the board would highly recommend Nesbit to anyone looking to make a change or find a new agency .
When the Lakeside Estates Townhouse Association took control of managing the association , they found the multifamily dwelling ’ s documentation to be in bad shape . “ Initially , everything was run by the developer , so when we took over , it was a rough transition ,” says Don Smith , committee chair for legal and insurance matters . “ We had to do everything from scratch to get things up and running .” Lakeside Estates in Minnetonka , Minnesota , is a 13-unit property run by a small group of volunteers that make up the association , which was started in 2006 . The homes have shared walls and common areas . “ It ’ s hard to believe it ’ s been 18 years ,” Don muses .
Today , Lakeside ’ s residents comprise original , second- , and third-time homeowners , and the association is seeing the need for more repairs . “ Our dues have gone up moderately over the last three to four years ,” says Don “ but our reserves and property maintenance remain in good shape .”
Insurance is a significant concern for the association , as it is the most expensive line item in their budget and is quite complicated . Don recalls that they were not happy with their previous insurance company . “ We were referred to a carrier by a broker we thought we could trust ,” he explains . The relationship turned into a bad experience all around .
About three years ago , the association took a real hit when the complex experienced damage from a severe hailstorm . “ The carrier was very resistant to covering our claims , and we had to take them to arbitration ,” Don recalls . “ We won , but it was a lot of time and heartache for us .” Next , the carrier wanted to make a huge increase in their rates . Moreover , the brokerage company was not very supportive or helpful in challenging the rate increase . “ We ended up losing the trust we had built with the agent and knew it was time to find a new carrier ,” Don says .
The board wanted to look for an agency that would give them one-on-one service ,
NAVIGATING THE CHALLENGES
access to a variety of insurance carriers and quotes , and the knowledge and resources to understand their risks , needs , and policy terms all in one place .
“ We began by soliciting quotes from 10 brokers and carriers ,” Don recalls . “ Out of that 10 we spoke with , we found Nesbit to be the most favorable . It wasn ’ t just the financial aspect . We really enjoyed interacting with our agent , Trey Griffy . Establishing a relationship with him from the start was so easy .”
Trey Griffy took the time to educate the board on the many different aspects of the insurance policy they would need , which they found to be very complex . Don remembers , “ He told us what we needed and didn ’ t need and put us into a much more affordable situation . It was like he was working directly for us , not the carrier , and we appreciated that . After all , we are not professional insurance people .”
The group also appreciated that Trey is very responsive . “ The insurance market is extremely challenging , so we ’ re thankful to have Trey and Nesbit to help us navigate through rough waters ,” Don affirms . The association reaches out to Trey quarterly to ask about the market ’ s future trends so they know how to budget . “ Yes , the rates have increased , but at least we ’ re prepared , thanks to Trey and Nesbit ,” he says .
Because they are a self-managed organization , the residents of Lakeside Estates put a lot of weight on the association ’ s decision making , according to Don . “ We are thankful to have this invaluable working relationship with Nesbit ,” says Don . “ With Trey , we know we are getting transparency , honesty , and ease of interaction .”
The association understands how important it is to find insurance from a provider who understands their risks and challenges . Without hesitation , Don says he and the rest of the board would highly recommend Nesbit to anyone looking to make a change or find a new agency . +
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