Mixed-use Building Insurance in Austin TX & Cedar Park TX
If you’re the owner of a building that has both residential and commercial tenants, you will need specialized insurance to protect yourself against accidents and claims. Renting or leasing your space out to other people can bring a lot of risk and Sam Buentello Insurance Agency is here to help you protect against that risk. Our experienced agents will work with you to tailor your policies for prime coverage. Call us at (512) 646-2691 for more information.
What Insurance Coverage Do I Need?
Owners of mixed-use buildings will need a variety of different insurance coverages. And, the coverage you need will depend on what type of person or business leases or rents space from you. For example, a convenience store needs different coverage than a restaurant or bar may need.
However, at the most basic level, owners of mixed-use buildings will need to obtain landlord insurance, which covers three main areas:
Property Damage: Property damage covers the physical home, such as dwelling coverage under homeowners insurance. It can cover the physical structure of your home against fire, wind, hail, lightning, snow, vandalism and more.
Liability: Liability coverage is crucial to protect yourself against lawsuits and compensate your renters for damages and injuries they may suffer. Liability insurance may cover medical bills for a renter or visitor injured on the rented property as well as legal expenses in case a lawsuit is filed against you.
Loss of Rental Income: Loss of rental income applies when your home is damaged by a covered event and can no longer be used as a rental property. For example, if a tornado destroys half of the rental property and renders it uninhabitable, loss of rental income can help supplement that lost rent.
You may also be interested in additional landlord coverage endorsement and riders such as:
Building Code Coverage: Building code coverage can help keep your home up to current codes if the building codes in your area have changed. If you have to legally update your home, this can help with the expenses.
Non-Occupied Dwelling Endorsement: This insurance can cover you while the property is vacant for 30 days. Most policies do not cover a property while it is unoccupied, so this endorsement fills the gap while you don’t have a tenant.
Heating or Air Conditioning Loss Reimbursement: If there is a mechanical breakdown of your home’s heating or cooling system, this insurance can help reimburse you for repairs or replacements.
Finally, you may want to require tenants to carry specific policies to offset your costs in the event of an accident. For example, you may want to require residential tenants to carry renters insurance, and require commercial tenants to carry their own general liability and commercial insurance.
What Insurance Do I Need for an Office Condo?
Homeowners Form 6 (HO-6) insurance is specifically designed coverage for condo owners with a mortgage. An HO-6 policy provides coverage for liability claims, damage to your condo and belongings, medical payments and additional living expenses if you cannot stay in your condo due to a covered incident.
HO-6 safeguards against liability claims and property losses unless your condo association’s master policy provides coverage.
How Much Insurance Do I Need?
The amount of insurance you need depends on a variety of factors, including the value of your rental property. Call us at (512) 646-2691 to discuss the amount of coverage you need.
How Much Does Mixed-Use Building Insurance Cost?
Doing Our Best for You
At Sam Buentello Insurance Agency, we not only understand how to build a secure condo association insurance policy, we shop a number of the nation’s top carriers to ensure you get the best rates available. Contact one of our agents today and let us go to work for you.