Apartment and mixed-use buildings are growing in popularity across the country, especially throughout New Jersey. These buildings offer exceptional versatility for owners and accommodate a wide range of use for tenants. However, they present unique challenges when it comes to insurance that requires specialized coverage to protect. Knowing how to properly insure your apartment or mixed-use building may be confusing, but fortunately for owners in The Garden State, Muller Insurance specializes in these types of policies and has you covered. Here, we take a closer look at how our team can help you insure your apartment or mixed-use building in NJ.
Our Apartment Building Policies
To protect your rental property, you will need to insure it. In doing so, you protect yourself from a variety of misfortunes that may occur. Our landlord insurance coverage generally includes:
- Dwelling coverage: In the unfortunate event your apartment building is damaged by fire, wind, lightning, hail, and other covered damages, landlord insurance will help cover the repair costs.
- Property damage: Personal belongings used to maintain the property are covered in the event of a fire, burst pipe, or burglary.
- Loss of use: If your apartment building becomes unlivable, your landlord insurance policy can help ease the financial loss with rental reimbursement.
- Liability protection: Our landlord insurance policy can protect you from potential lawsuits you may face.
Our Policies for Mixed-Use Buildings
A mixed-use building is any building that serves multiple functions. Often, these buildings contain many residential tenants and commercial entities that have their own unique insurance needs. That’s why Muller Insurance offers a variety of coverage options for owners of mixed-use buildings, including:
- Residential coverage: Each mixed-use building needs to have its own landlord policy, which will reimburse the owner for repairs if the building is damaged or destroyed.
- Commercial coverage: To protect your retail spaces, you will need a mixed-use insurance policy that is appropriate for buildings with retail shops. In doing so, your property will be protected from loss or damage to the building, retail liability coverage in the case of damages or injuries to customers or clients, and compensation for the breakdown of mechanical equipment and computers covered by the building owner. Keep in mind that these policies are designed for retail applications.
- Salon and barbershop coverage: Salons and barbershops will need a business owner’s policy to protect them from equipment breakdown, lost income, and general liability. Depending on the services they provide, some salons may need other types of policies as well, such as professional liability, commercial auto, workers’ compensation, and umbrella.
Additional Coverages to Consider
With a focus on completely protecting your apartment or mixed-use building and yourself, there are additional coverages you should consider, such as:
- Flood insurance: Because flood damage is exempt from standard apartment and mixed-use building insurance policies, consider investing in additional flood insurance. This additional coverage can be especially beneficial if your building resides in a severe flood zone.
- Workers’ compensation: Workers’ compensation protects not only your employees but your business as well. Workers’ compensation can also help you with legal expenses and educate you on how to mitigate risks so that you can prevent injuries from happening in the first place. Failing to comply with your state’s workers’ compensation regulations could result in hefty fines or lawsuits against your business.
- Renters insurance: Because your tenant’s belongings are not covered under your landlord insurance policy, you may want to require them to have renters insurance. This includes electronics, furniture, clothing, and any appliances they own.
Learn More about Our Apartment and Mixed-Use Building Insurance in NJ
When owning an apartment or mixed-use building property, it is essential to work with the right insurance agency that can provide insurance options for the business owners, the tenants, and the landlord. Since 1906, Muller Insurance has served landlords from New Jersey and other states, guiding them through the process and finding the right insurance policy for them. Contact us today to learn more.
