Mixed-use buildings are a common way to take advantage of available space. While it’s very practical to offer living, shopping or dining, and employment under a single roof, mixed-use properties invite unique liabilities. Understanding the intricacies of insurance is crucial to making sure these properties are fully protected.Muller Insurance is an independent agency with over 118 years of experience in the insurance industry, serving New Jersey, New York, Connecticut, and Pennsylvania. Find out more about mixed-use condo insurance, what it covers, and factors to consider when purchasing a policy.Residential, Commercial, and Mixed-Use InsuranceFor owners of residential-only property, most concerns are related to livability. Unit owners acquire condo insurance, which protects the unit and personal belongings inside. However, building owners need condo association insurance. This protects building owners against damage and liability for problems that occur in common areas like hallways and recreational areas.For owners of commercial properties, the biggest concern is liability. Either a tenant or a visitor can file a lawsuit for property damage, discrimination claims, or even something simple like a slip and fall. In addition, significant damage may cause massive financial loss. If the space becomes unusable after a fire, you don’t just need to pay for repairs; you also lose income. Business insurance covers the property, business interruptions, and liability to protect your profits.Mixed-use properties combine all these risks. Therefore, the risk of owning these buildings is higher. Mixed-use property insurance combines coverage for both residential and commercial concerns, ensuring that your property is fully protected no matter what happens.What Does Mixed-Use Condo Insurance Cover?Mixed-use building insurance covers everything that condo association and commercial rental insurance does. Basic coverage types are divided into three categories:Property damage covers accidental or malicious damage to the building structure and contents, including perils like fire, smoke, falling objects, and vandalism.Loss of use compensates for lost rental income if the property becomes unlivable and tenants move out due to a covered event.General liability pays for legal expenses and indemnities for claims brought against you for bodily injury that occurred on your property.The cost of coverage will depend on a few factors. The first is your property location. Areas with high crime rates or natural disaster risk will typically demand higher premiums. Your property size and value also come into play, as well as its age and condition.Purchasing Additional ProtectionMixed-use insurance is never one-size-fits-all. If your property is occupied by a business that is not retail – for instance a restaurant, bar, or salon – then standard commercial coverage may be insufficient. In addition, regional concerns like flooding or stringent code requirements may add extra complication. Here are some factors to consider when purchasing mixed-use condo insurance:RestaurantsRestaurants come with added complications. Commercial kitchens create a higher risk of fire, for example, and liquor consumption is a liability risk. Though the business owner is responsible for their own restaurant insurance, you may want to invest in extra insurance to protect your building.Hair and Nail SalonsLike restaurants, salons can be challenging to insure. Wet floors and the sale of beauty products are liability risks. Again, while the business owner should already have salon insurance, the rental property owner might consider additional protection.Floods and EarthquakesStandard property insurance does not cover damages caused by flooding or earthquakes. If your building is in a coastal region, a designated flood zone, or in a part of the country prone to earthquakes, you should protect your property with earthquake or flood insurance.Building CodesSome regions require mixed-use buildings to comply with complicated building codes. In these areas, additional policies can help you cover necessary repairs, renovations, and retrofitting to bring units up to code. It may also cover legal services to defend against non-compliance.Umbrella InsuranceHigh traffic into and out of a mixed-use building exposes you to more liability cases. An umbrella insurance policy will extend your liability coverage at an affordable rate, paying for additional charges that your base policy will not cover.Purchase Condo Insurance With an Independent AgencyBecause insuring a mixed-use building can be complex, it’s important to work with an independent agency. Muller Insurance is family-owned and can provide you with the close attention to detail you won’t get with a national agency. In addition, we work with more than 25 insurance providers, including:The Andover CompaniesCumberland MutualFarmers of SalemFranklin MutualN&D GroupAmtrust FinancialThis lets us select and tailor policies to our customers’ unique needs.Located in Hoboken, NJ, Muller Insurance serves more than 30 states nationwide. To learn more or to request a quote, please contact us with our ready-to-fill form or call 201-659-2403.