What is the MSI Insurance charge on my credit card?
Facts checked
Short answer
MSI Insurance is Millennial Specialty Insurance, LLC, an insurance agency that takes payments in Bedford, Texas. The charge is usually a monthly renters insurance premium for a policy bought through an apartment portal like Buildium or Rent Manager, or through TheGuarantors, often at lease signing. The policy renews every year, and moving out doesn't cancel it.
How it shows up on your statement
- MSI INSURANCE BEDFORD
- MSI INSURANCE BEDFORD TX
- MILLENNIAL SPECIALTY INS
Banks trim and reformat these, so yours may be shorter or carry a different city or number. Why charge names look strange.
Who is MSI Insurance?
MSI is Millennial Specialty Insurance, LLC. It describes itself as a licensed property and casualty agency in every state where it sells, working as a managing general agency: MSI sells and services the policy, while a separate insurance company carries the risk. That's why your policy documents name a different insurer from the one on your card statement.
Most people meet MSI without noticing. Its renters coverage is built into property management software, and MSI names Buildium, Rent Manager and TheGuarantors as partners. Buildium tells residents that billing for these policies runs "directly between the resident and our partner", which is MSI. Payments go to a PO box in Bedford, Texas, so the charge often reads MSI Insurance Bedford.
Why is MSI Insurance on my card statement?
Plenty of landlords require renters insurance, and the resident portal turns buying it into a few clicks during move-in. A year later the charge is easy to forget.
- A monthly renters premium. MSI policyholders on Reddit report monthly payments between about $12 and $41. The first charge is usually a down payment.
- An automatic renewal. MSI's renters FAQ says policies "renew automatically each year unless cancelled", on a 12-month term.
- You moved out but never cancelled. Ending the lease doesn't end the policy, and TheGuarantors' help page says the same.
- A roommate or partner bought the required coverage with your card.
- A bank draft. Some policyholders pay straight from checking, so the same name can show up as an ACH debit rather than a card charge.
- Repeat charges on one day. In late December 2023, many MSI policyholders on Reddit reported being charged two to four times on the same days. One said MSI blamed a system error and quoted 5 to 15 business days for refunds. If you see repeats, call MSI and your bank.
How to cancel MSI renters insurance or get a refund
Only the named insured can cancel. The leasing office can't do it for you, though it may want proof you have other coverage if your lease requires insurance.
- Log in to the MSI customer portal at apps.msimga.com and choose "policy change request" from the dropdown menu.
- Or call MSI customer service at 844-788-0873, or email contactus@msimga.com.
- If you moved out months ago, ask for a back-dated cancellation. MSI says you'll need supporting documents, such as a move-out statement or proof of other coverage.
- Allow up to 5 business days. MSI says it processes cancellation requests within that time.
MSI doesn't publish refund rules on the pages we read, so ask directly whether any unused premium comes back after a back-dated cancellation. If you bought through TheGuarantors, its help page gives a different number for MSI, 844-977-4959.
What if you never bought MSI Insurance?
Work through these before you dispute anything.
- Did you sign, renew or move into a lease in the past year? Check your resident portal and lease packet for a renters insurance purchase.
- Ask the leasing office whether an MSI policy is on file for your unit, and whose name is on it.
- Ask roommates, partners and family whether they bought renters insurance with your card.
- Search your email for msimga, Millennial Specialty and "policy number".
- Call 844-788-0873 with the date, the amount and the last four digits of the card so MSI can look for a policy.
One third-party site links a "Tampa FL" version of this charge to a scam report we couldn't verify. MSI's own published addresses are in Texas and Toronto, so call the numbers on msimga.com rather than any number printed next to the charge.
If MSI finds no policy and your bank replaces the card, ask the bank whether the merchant can still bill the new number through a card updater service, and to block it if so.
Still don’t recognize it? Dispute it with your bank
- Open the transaction in your banking app. The detail view often shows a longer merchant name, a phone number or a city that the statement line cuts off.
- Ask the merchant for a refund first. It is usually faster than a dispute, and your card issuer may ask whether you tried.
- If the merchant says no, or you think your card number was stolen, call the number on the back of your card. Ask them to dispute the charge and, if it is fraud, to cancel the card and send a new one.
- For a credit card, follow up in writing. The FTC says your letter should reach the issuer within 60 days after the first bill with the error was sent to you, at the billing inquiries address rather than the payments address.
Federal law caps what you owe for unauthorized credit card charges at $50. Debit cards work differently: if only your card number was used, you owe nothing as long as you report it within 60 days after the statement is sent, but the money is gone from your account while the bank looks into it. See the FTC's guide to lost or stolen cards. A successful dispute becomes a chargeback against the merchant.
Questions people ask
- What is MSI insurance on my bank statement?
- Millennial Specialty Insurance, a Texas-based insurance agency that sells renters insurance through apartment portals like Buildium and Rent Manager. The charge is usually a monthly premium for a policy bought when a lease was signed.
- Is MSI Insurance legit?
- Yes. Millennial Specialty Insurance, LLC is a licensed property and casualty agency. Surprise charges usually come from a policy that kept renewing after a move, or from someone else buying coverage with the card.
- Why is MSI still charging me after I moved out?
- Moving out doesn't cancel the policy. It renews every year until the named insured cancels through the MSI portal or by calling 844-788-0873. Ask for a back-dated cancellation and send your move-out paperwork.
- What is MSI Insurance in Bedford, Texas?
- Bedford is where MSI receives payments (PO Box 210788, Bedford, TX 76095), so card charges often read MSI Insurance Bedford. It's the same company.
- Can my landlord cancel my MSI renters insurance?
- No. TheGuarantors' help page says only a named insured can cancel. MSI may tell your landlord when the policy ends, so check your lease's insurance requirement first.
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Read on . Policies and phone numbers change, so confirm on the company’s own site before you act.