Mixed-use properties have become increasingly popular as a way to optimize rental income while boosting community appeal. Insuring them, however, comes with hidden complexities. Mixed-use property insurance is more than a simple combination of commercial and condo insurance, and coverage needs can vary between properties.Muller Insurance is an independent agency with over 118 years of experience in the insurance industry, serving New Jersey, New York, Connecticut, and Pennsylvania. Here, we discuss how to make sure your mixed-use condo is adequately covered.What Are Mixed-Use Properties?Mixed-use properties combine multiple applications in a single building or complex. Part of the building is composed of one or more residential condos. Another part belongs to a business, such as a retailer, restaurant, bar, or salon. This blending of purpose comes with several benefits for owners and renters alike:Efficient use of available spaceAttracting a wider variety of prospective rentersFlexibility and reliability of rental incomeServing several needs in a single buildingImproved sustainability by creating a walkable zoneEnhancing an area’s unique social identityPromoting a sense of communityWhile functional and convenient, mixed-use properties also feature a diverse risk profile. Residential and commercial buildings face different challenges and therefore have distinct insurance needs. If both types of use are present in a single building, that building will be susceptible to both kinds of risk. This means that adequate insurance must combine residential and commercial coverage.Types of Coverage AvailableThe standard mixed-use property insurance policy provides three basic types of coverage:Property damage: If your building and its contents fall victim to fire, smoke, theft, or vandalism, your property policy will pay for repair and replacement.Loss of use: If a covered event renders your property unlivable, you may lose rental income until the building is repaired. Loss of use coverage will compensate you.General liability: A bodily injury or property damage lawsuit can be financially devastating. General liability covers legal fees and indemnities to save you from massive loss.Of course, no two mixed-use properties are the same. Adequate policies must be tailored to the specific building, its uses, tenants, and its location. To make sure your property is fully protected, you may wish to invest in additional coverage. Common add-on policies for mixed-use buildings include:Flood: Standard property policies do not cover damage caused by floods. If your building is in a risk zone, flood insurance is recommended or required.Earthquake: Like floods, earthquake damage is not covered by most policies. Additional coverage is necessary for buildings in regions prone to earthquakes.Residential rental: Residential tenants are high-risk. If any of your property’s residential section is rented, you may want additional apartment building or tenant-occupied dwelling insurance.Ordinance or law: Building codes for mixed-use properties are often complex. Ordinance or Law coverage pays for necessary renovations to ensure your building is compliant.Umbrella: High traffic around mixed-use buildings can increase your risk of a lawsuit. Umbrella insurance extends your liability coverage while remaining affordable.With so many policy options available, protecting your property may seem overwhelming – especially when your income is at stake. Speak with your insurance agent if you need assistance. They can guide you in selecting the policies you need to ensure your building is adequately covered.The Value of an Independent AgencyWhen making sure your property is fully covered, partnering with the right insurance agency matters. Muller Insurance has been family-owned since our founding in 1903. We provide personalized service that you won’t find at a national agency. Our agents take the time to understand what makes your property unique. This close care and attention helps them determine which policies and packages will protect you most effectively.In addition, Muller Insurance is independent. Rather than associating with a single provider, we work with more than 25 different insurance providers. Our partners include premier names such as:The Andover CompaniesCumberland MutualFarmers of SalemFranklin MutualN&D GroupAmtrust FinancialBy working with so many agencies, we can provide a range of customized policies. We compare different packages and identify the best value for our clients. We tailor packages to suit your needs and can identify bundling opportunities to help you save while still receiving the complete protection you need.Protect Your Mixed-Use Condo Property TodayFor more information on mixed-use condo insurance, reach out to our agency today. Based in Hoboken, NJ, Muller Insurance is licensed to operate in New Jersey, New York, Pennsylvania, and Connecticut. To learn more or to request a quote, please contact us with our ready-to-fill form or call 201-659-2403.