Insuring any type of property is essential, but commercial property owners have more to consider. You can find coverage for residential properties like apartment buildings or condo associations or business insurance for a commercial property. But what coverage is needed for a mixed-use property?
Let our team at Muller Insurance, licensed in New Jersey, New York, Connecticut, and Pennsylvania, help you understand the complexities involved with mixed-use property insurance.
What Is a Mixed-Use Property?
Mixed-use properties are investment properties that combine several different types of building spaces. They are usually found in cities because they are great for fitting multiple spaces into one building. These can be residential, commercial, or even industrial. In recent years, the rise in mixed-use properties has been significant. Not every commercial environment is a mall or a standalone building, and factories aren’t the only places where products are made.
Residential spaces are usually in the form of apartments or condos that can be rented out, while commercial spaces can be anything from restaurants and coffee shops to gyms and retail stores. Some buildings feature complementary businesses, such as a hotel that contains separate retail stores within it.
Mixed-use properties are beneficial for everyone involved. Renters get an affordable living space with essential shops and stores nearby, while businesses benefit from having regular clientele within walking distance. And, of course, the building’s owner stands to collect rent to make a nice profit.
A Look at Mixed-Use Property Insurance
Mixed-use property insurance, like standard homeowners insurance, is designed to help property owners financially in case of an accident or other incident. These policies come with two important coverage types:
Commercial Property Insurance
If you own or rent a building, having commercial property insurance allows you to protect yourself and your property from damage. This coverage extends to equipment and tools you own that experienced damage. This damage can be accidental or intentional, so long as you’ve played no part in it. Building owners can even receive financial compensation for lost income from rental properties due to said damage. You’ll also receive coverage for theft, which is important because these spaces often have guests coming and going.
Liability Insurance
There are few things scarier than someone getting injured on your property. In general, you are responsible for keeping your space safe for renters, customers, and guests. Without liability insurance, you could be looking at a large lawsuit if someone is injured in a common area.
Additional Coverage Needs
While accidents happen, natural disasters and weather-related damages can derail a commercial investment. You’ll need protection against fires, storms, and other natural events. Unfortunately, because of their frequency in certain regions, disasters like floods and earthquakes are not included in mixed-use property insurance.
You’ll also need to consider renovations and repair costs that will be required to keep your building up to code. It can be difficult to understand the type of coverage you need. Seeking guidance from insurance agents is always a smart idea. Many insurance companies, like Muller Insurance, even offer bundles to help you save.
How Muller Insurance Can Help
It is worth noting that different types of commercial spaces will require different policies. For instance, the requirements for a retail space may not be the same as those for a daycare or office environment. Because of these complexities, it’s best to consider talking with an insurance agent to make sure you have the exact coverage you need.
At Muller Insurance, our team of agents is dedicated to helping every customer feel confident in their policy choices. You’ll be working closely with an individual agent who is familiar with all the ins and outs of mixed-use property insurance. We work with some of the best names in the business, including:
- The Andover Companies
- Cumberland Mutual
- Farmers of Salem
- Franklin Mutual
- Amtrust Financial
- N&D Group
Make Us Your Insurance Partner
With so much to consider when it comes to mixed-use property insurance, you must get help from qualified agents. Working with Muller Insurance means you’ll receive individual attention to help turn complicated coverage into something you will understand. We work with popular companies to provide comprehensive coverage that meets your needs without breaking your budget.
Building owners in New York, New Jersey, Pennsylvania, and Connecticut have enough to think about without stressing over insurance. Choosing a reliable and reputable team like the one at Muller Insurance can make a big difference. We even offer umbrella insurance to cover what other plans won’t. To learn more or to request a quote, please contact us with our ready-to-fill form or call 201-659-2403.
