Across the country, more and more property owners are combining residential and retail units in a single building. Though it can be difficult to find insurance for mixed-use buildings, Muller Insurance is here to help. Serving New Jersey and other states, we offer mixed-use property insurance policies that combine residential and retail coverage types to keep your building and livelihood completely protected.
Coverage for Residential Property
For mixed-use buildings, insurance policies need to provide the same basic coverage they would for apartment buildings. Our mixed-use policies cover your buildings and property in the following situations:
- Accidental or malicious damage to the building itself
- Loss of rental income if the building cannot be occupied due to extensive damages
- Liability for damages or injuries that occur in common areas on the property premises
- Sewer drain clogs and backups
No two apartment buildings are alike. That’s why Muller Insurance will work with you to learn your building’s specific needs. We cater to properties of all sizes and capacities and can help you choose the policy that is right for your unique building and situation.
Coverage for Commercial Property
To protect your retail spaces, Muller Insurance’s mixed-use policies provide coverage that is appropriate for buildings with retail shops. Your property will be protected from the following:
- Loss or damage to the building, merchandise, equipment, interior or exterior structures, and signage for parts of the property occupied by the building owner
- Retail liability coverage in the case of damages or injuries to customers and clients
- Note: This does not cover equipment of the retail space.
- 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. If your commercial space is occupied by a café, restaurant, daycare, office, or bar, you will need a different policy. Commercial insurance can be complex, which is why we’re dedicated to helping you understand which types of coverage apply to your property so you can get the protection you need.
Covering Other Considerations
In addition to all these coverage types, both residential and commercial properties need coverage from fire, storms, and other natural disasters. Because flood and earthquake damage are exempt from mixed-use building insurance policies, consider investing in additional flood insurance or other types – especially if you’re in an area prone to severe weather.
Mixed-use buildings also need protection from expenses due to building and ordinance issues. Building codes can be complex for mixed-use buildings, resulting in rising costs for necessary repairs, adjustments to comply with code, and legal services to defend against noncompliance. Muller Insurance’s additional policies protect you and your business against these kinds of expenses.
The Muller Insurance Difference
As a local insurance agency, Muller Insurance can offer you close personal attention that national agencies can’t. Our agents get to know your building inside and out so we can offer meaningful advice, tailor policies for your unique needs, and respond to claims with knowledge and care you can’t find elsewhere. Contact us today to find out more, or get started with a free quote.