How Often Should You Review Your Mixed-Use Property Insurance Policy?
- Nate Jones, CPCU, ARM, CLCS, AU
- 1 day ago
- 2 min read
Owning a mixed-use property—which combines residential apartments with commercial spaces—requires ongoing attention to insurance. Many property owners wonder: “How often should I review my mixed-use property insurance policy?”
Regular reviews are essential to ensure your coverage reflects changes in your building, tenants, and market conditions. A thorough review helps protect your property, liability, and rental income while preventing coverage gaps or unnecessary costs.
When to Review Your Policy
Annually: At minimum, review your policy once a year. Insurance companies often update coverage terms, premiums, and exclusions, so an annual review ensures your policy aligns with current needs.
After Renovations or Major Upgrades: Renovations, expansions, or major improvements can increase the replacement cost of your building or affect liability exposure. Updating your policy after such changes ensures adequate coverage.
When Adding or Changing Tenants: Tenant mix affects risk. Adding high-traffic commercial tenants like restaurants, gyms, or bars may increase liability exposure, while residential units may have lower risk. Reviewing your policy ensures coverage reflects these changes.
After Claims or Losses: Any insurance claim or loss, whether minor or significant, should trigger a review. This helps confirm coverage limits are sufficient and alerts you to adjustments needed to prevent future gaps.
Key Coverage Areas to Evaluate
Property Coverage: Ensure replacement costs reflect the current value of both commercial and residential spaces.
Liability Coverage: Confirm limits are adequate for tenant activities and visitor exposure.
Loss of Income Insurance: Update coverage to protect against lost rental or business income due to unexpected events.
Optional Add-Ons: Consider flood, earthquake, equipment breakdown, or ordinance/law coverage if your property or location warrants it.
Get a Quote from Wexford Insurance
Wexford Insurance specializes in mixed-use property coverage and can help you review and update your policy to match your current needs. Our team ensures your building, tenants, liability, and potential income loss are fully protected.
👉 Contact Wexford Insurance today to get a personalized quote and schedule a policy review.
