A mixed-use apartment complex is a structure that rents out apartments to renters while simultaneously housing companies. Apartment buildings featuring eateries or retail outlets on the first floor are common. A mixed-use residential building might look like this, but others might feature office space that can be rented out or another arrangement. If you’re the building’s landlord, make sure you understand the functions of each business you rent space to because a retail store will require different mixed commercial residential property insurance than a daycare or a bar.
Cover the Tenets
Certain areas will be covered for businesses renting space in a mixed-use apartment building. The following items should be included in mixed commercial residential property insurance policies:
- Merchandise and equipment damage or loss: Any assets that are utilized to help run a business should be insured if they are damaged or stolen.
- Businesses will be held accountable for any injuries that occur in their area, whether they occur to customers or employees.
- Loss of income coverage: This protects a company if something happens to it that prevents it from earning money.
Cover the Building
In this agreement, the landlord who owns the building will have the greatest obligation. They are in charge of insurance for both the businesses and tenants who use the facility. Issues that would need coverage would include damage to the building due to weather or vandalism, loss of rent due to the building being uninhabitable, or injury to people in common areas.
It’s critical to determine each party’s liability in a mixed-use apartment building so that everyone is protected from unanticipated costs. Consider a mixed commercial residential property insurance policy if you own, rent business space in, or live in one of these structures.