Updated almost 7 years ago on . Most recent reply
Insurance on duplex - Primary Residence with Storefront
Hello, I purchased a duplex property with a storefront as a primary residence. I am now interested in renting the downstairs storefront to a business. This will cause me to need a commercial insurance policy. Is this an issue with a primary residence mortgage?
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The building will not qualify under a standard homeowner's policy. The store and apartment need to be insured as a Commercial rental with a residential use. You then need a renters insurance for your stuff that you bring when you move in. If the store front becomes a restaurant the prices escalate steeply.
The mortgage is between you and your bank. Check with the loan officer.