Investors Alert! Be careful when purchasing insurance through Managers' Master Policy
When you own real estate investment portfolio, try to find an insurance company from where you can purchase and handle payment and claim by yourself. We have had a horrified experience buying insurance under our former managers' Master insurance policy in Detroit.
We hired Ronald and Kimberly Weaver in Management Systems Residential (MSR) in Detroit MI as our property managers in Dec 2012. We have had a terrible experience with them. Here is why:
1.They have let our property insurance coverage under their master insurance policy lapse for 6 months due to non-payment while still deducting from our rents to pay for the insurance premiums, and exposed our properties and tenants to tremendous risks and liabilities. After we found it out directly from SWBC insurance company about the cancellation on Dec 30th, 2013, Ron Weaver blamed it was a middle agency’s fault. The insurance broker they used was called ITG Advisors in Southfield, MI. No good explanation was provided about what had happened by Mr. J. Rinaldi and Mr. H. Gibson at ITG Advisors at that time.
2.After MSR reinstated our insurance under their master policy, we had a claim payout from SWBC sent directly to MSR for one vandalised property for a total of over $14,000 in March 2014. Ten months have already passed, we haven’t received a penny from MSR.
- 3.We terminated our contract with MSR on Feb 28th, 2014. They are still holding the security deposits for 2 properties, and March rent from one section 8 Agency since we didn’t have enough time to finish paper work to transfer the payment to our new manager. They haven’t passed the money they received to us to date.
- 4.We have given Ronald and Kimberly Weaver many chances and 10 months to correct themselves. They ignored our requests from SWBC insurance company and the court order to give us money back. We were awarded the court judgement on Nov 21st, 2014 against MSR and collect funds from them.
- 5.Plea for your help and support! My husband had a major surgery. My daughter is only 5 year old. I depend on the money kept by MSR to recover my loss due to vandalism and to support my family. If you happen to know MSR’s business bank accounts by depositing, wire transaction, or their business assets and residential address, your information will be greatly appreciated. Confidentiality for personal privacy and information is guaranteed.
- 6.I also wonder if keeping clients’ insurance claim payouts and section 8 rents for their own business /personal use is criminal offense. If I can’t recover my money, can I pursue it through criminal lawyers or police? Any advice or recommendation will be greatly appreciated.
If there are any other victims of Weavers out there that may need help, we would like to share information with you.
My contact info.: [email protected]
@Tina Du are they state licensed? I would contact the licensing or ethics board. Heres a link for you. May talk to your lawyer about building a case for the prosecutor. Best of luck.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!