If you are the landlord of a property that is ‘mixed-use’ (i.e. it’s a building used for both residential and commercial purposes), then you will need mixed-use insurance.
On the streets of the UK, it’s really common to find mixed-use properties. On a typical high street, you’ll find buildings which are shops, cafes, bars on the ground floor and residential flats on the first and/or second floors. With this type of property layout common across the UK, getting mixed-use insurance to cover all aspects of the building is straightforward. You will need to let your broker or insurer know more about your building and whether it is currently fully let or not. For example, the level of risk your property is exposed to will vary depending on whether your property is vacant or occupied – either partly or fully.
If you’re the landlord of a tower block, building complex or skyscraper, then you will be in need of mixed-use building insurance that is tailored to your specific building. For example, in some circumstances, a building may have shops, offices, a hotel, restaurant and bar, gym, spa and car park. The various contents and levels of risk will differ for each type of facility within the building and this will be compounded by how difficult it is to accurately identify how many aspects are occupied or vacant at any moment in time. Because of this, your broker or insurer will need to know as much about your building as possible in order to give you an accurate quote for a policy that will match your needs.
Some things to consider when discussing mixed-use landlord insurance with your broker or insurer include:
- The building type, age, size and value
- Types of use
- Level of occupation (both commercial and residential)
- Contents and replacement value
- Whether or not you will be residing in the property
As a mixed-use property landlord, you’ll face liability and potential compensation claims as a result of any injury or property damage sustained on the premises. This could be claims brought by customers, residents, guests or members of the public, so you will want your insurance to cover you for this.
You should also check that your policy will include compensation for loss of earnings in the event of a major insured event that makes either the accommodation or commercial aspects of your property unusable or uninhabitable.
Rather than leaving it to chance, the best way to be sure that your insurance covers you for the right level of risk, and also for things like public liability and compensation in the event of loss of earnings, is to get in touch with a broker like Ellis David. By getting in touch with our team, you will be getting in touch with a team of experts that can match your exact building needs with a policy that covers you for the right level of risk. Get in touch today for a quote.