Mixed-use buildings can be a lucrative investment for property owners, but finding insurance can be challenging given the unique risks of these properties. Landlords must protect themselves with residential and commercial coverage to ensure optimal security. Muller Insurance provides personalized policies to mixed-use building owners throughout NJ, NY, CT, PA, NV, and other states. Here, we discuss the benefits of seeking coverage through a mixed-use insurance agent.
Comprehensive Coverage for Mixed-Use Spaces
While many mixed-use buildings feature retail spaces on the lower floors and residential areas on the upper floors, no two properties are the same. For example, each commercial space on the property may bring specific risks depending on the service it provides. It’s crucial to find an insurance agency that will cater to the individual needs of your building, regardless of its size or capacity. The mixed-use insurance agents at Muller Insurance offer specific policies for both the residential and retail aspects of your building to ensure you are covered all around.
Our insurance policies for mixed-use structures feature the same basic coverage we extend to apartment buildings. These protections ensure your property and profits are safe against covered losses, including:
- Accidental or deliberate damage to the building
- Liability for injuries or damages that happen in common areas
- Loss of rental income if the building remains unoccupied for a period due to significant damage
- Sewer drain backups and clogs
Muller Insurance also delivers specific coverage to shield retail spaces against risks. These protections include:
- Damage or loss to the building, equipment, merchandise, interior or exterior structures, and signage for parts of the property the owner occupies
- Compensation for broken computers and other equipment covered by the landlord
- Retail liability coverage in case customers or clients are injured or damaged on the premises (bear in mind this does not cover equipment of the retail space)
Please note these coverage packages are designed to protect retail settings only. A commercial space occupied by a bar, café, daycare, office, or restaurant will need a different policy.
Additional Protection for Other Risks
Extra coverage for your mixed-use properties protects against gaps in your insurance plans. Mixed-use buildings require supplementary coverage against theft, vandalism, fire, and natural disasters. You must also obtain separate flood insurance, especially if your property is in an area inclined to severe weather, as damage from floods and earthquakes are typically exempt from mixed-used policies.
Also, consider protection for expenses you incur from building and ordinance problems. Additional coverage can help you manage legal or repair costs associated with complex building codes to maintain a good reputation.
Explore Insurance Policies for Mixed-Use Buildings from Muller Insurance
The various risks associated with owning a mixed-use building can make finding the right insurance overwhelming. A specialized agent can help alleviate this stress with the proper guidance and coverage. The agents at Muller Insurance work with more than 20 leading companies to find the most comprehensive and personalized policy options for our clients in NJ, NY, CT, PA, NV, and other states. Request a quote today for more assistance from an experienced mixed-use insurance agent.