You may not hear about mixed properties much, but they are normal in some parts of the world. Owning these types of buildings means having to sign up for a different set of insurance coverage in case of any unanticipated situations. Here is what to expect from a mixed use property insurance policy.
Residential Property Insurance – mixed-use buildings must have enough insurance to cover a typical apartment building, which includes: damage to the building, liability for injuries, loss of rental income, and sewer problems.
Commercial Property Insurance – mixed-use buildings will have a retail space that will require coverage for damage to the building being occupied by the business.
General Liability – insurance for businesses that may come from claims for bodily injury to visitors and damage to their property.
Business Property – handles business tools, equipment, and any other content that needs replacement after a disaster or accident in order to keep the business running.
Workers’ Compensation – covers injuries to employees during normal working hours. This type of insurance is typically required by law for businesses with at least one employee.
A mixed-use property is more complicated to insure than single-use residential or commercial properties, but you can find the right policy with some due diligence.