In a mixed-use apartment building, it can often be difficult to figure out which parties are liable for damage, injury, and more. That’s why it’s helpful to know exactly what you should have covered to protect you and your business interests from liability. Let Muller Insurance sort out the responsibility for each stakeholder, so you will know which mixed-use apartment insurance policies are appropriate for you.
Who Participates in a Mixed-Use Apartment Building?
A mixed-use apartment building is a dwelling that rents apartment units to tenants but also has businesses operating inside. Often, you will see apartment buildings with restaurants or retail stores on the first floor. That is a common example of a mixed-use apartment building, although others will have office space that can be rented out or another arrangement. If you are the landlord of the building, make sure you know the purposes of each business you rent space to, as a retail store will require different coverage than a daycare or a bar.
Insurance for the Building
The landlord who owns the building will have the most responsibility in this agreement. They are responsible for coverage that incorporates both the businesses and tenants using the building. Some of the areas landlords need to have covered include:
- Damage or loss: If the building suffers damage because of the weather, vandalism, or another cause, it will be the landlord’s responsibility to make the proper repairs.
- Loss of rent: If the damage to your building makes it unlivable, you will need insurance to cover the rent you would normally collect.
- Injury liability: This will protect you if someone gets hurt in the common areas of the building.
- Sewer backup coverage: This can be purchased for an additional premium if available.
Coverage for Tenants
For businesses that are renting out space in a mixed-use apartment building, certain areas will coverage. Retail insurance policies should include:
- Damage or loss of merchandise and equipment: Any assets that are used to help operate a business should be covered if they become damaged or are stolen.
- Injury liability: Businesses will be liable for any injuries that occur in their space, whether it affects a patron or worker.
- Loss of income: This provides coverage if something happens to a business that makes it unable to collect income.
Residents of mixed-use apartment buildings also require insurance coverage. If you live in one of these buildings, your liability will not be much different than a regular apartment complex. A few areas you need coverage for include:
- Damage or loss to property: Any personal items that are inside your apartment should be covered against damage or theft. If your unit was furnished, check with your landlord to see who is responsible for the appliances and furniture.
- Injury liability: Similar to the businesses, you will be responsible for injuries that occur inside your unit.
- Unexpected living expenses: If something were to happen to the building that made it unlivable, having living expenses covered for your new dwelling will protect you during a likely tumultuous time.
Cover Every Base
Sorting out the liability of every party in a mixed-use apartment building is essential, so all involved can be protected from unexpected expenses. If you own, rent business space in, or live in one of these dwellings, consider a mixed-use building insurance policy from Muller Insurance. Contact our office in Hoboken, New Jersey, to learn more.
