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Home Insurance in Detroit : Real Estate Advice

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Activity 7
Sat Dec 27, 2014
yanfive14 answered:
It is ok to have your management companies as co-insured if you purchase insurance for your rental properties and handle all the payments, . Be very careful to purchase property insurance through your managers' Master insurance policy. Then you don't have the control of it. We just had a horrified experience with our former managers Ronald Weaver and Kimberly Weaver in Management Systems Residential in Detroit.

Our former managers 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.

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.

The insurance company normally sent the claim payout to the insurer under Master Policy, so it is up to the managers to pass the claimed funds to their clients. I reached out to SWBC for help, Ron Weaver even ignored their request to forward the funds to me. I had to take legal action and got court judgement against MSR to collect money. They ignored the court judgement and still didn't pay.
So it is wise not to use the managers master policy to purchase insurance at all.
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Wed May 29, 2013
Margo Borkin answered:
I have a great Insurance Rep - Leah Wood at 248-419-3900 that can help you!
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Fri Jun 10, 2011
Don Maclary answered:
Fri Apr 1, 2011
Donald Stevens answered:
Tenant occupied condo's are hard to get insurance quotes in any state for out of state investors. The reason I know this is because we are usually found after a very exhaustive search by the investor. We write tenant occupied condos even when they are in Detroit for out of state investors and in state investors. Give us a call at 888-438-4544 or visit our website to request a quote.

The Home Insurance Specialists
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Fri Apr 1, 2011
Donald Stevens answered:
Tenant occupied condo's are hard to get insurance quotes in any state for out of state investors. The reason I know this is because we are usually found after a very exhaustive search by the investor. We write tenant occupied condos even when they are in Detroit for out of state investors and in state investors. Give us a call at 888-438-4544 or visit our website to request a quote.

The Home Insurance Specialists
... more
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Tue Jan 25, 2011
Crt2338 answered:
Hard to tell from your questions but if you interested in obtaining ownership information. the local tax assessment entitiy in the the county or parish the property is in will have the ownership records. The web has a few places to go like netronline.com and FindPropertyowner.com. ... more
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Fri Nov 6, 2009
Tony Grech answered:
Hi Sacha
Unfortunately a 5% down conventional loan is dependent on being able to obtain PMI, and since none of the PMI companies I know of will provide PMI on a condo with any less than 10% down you're probably out of luck, regardless of any individual lender's policies or guidelines.

You could try FHA (3.5% down), however the condo would need to be FHA approved.

Best of luck
Tony
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