Live-work spaces were a major item in the past and are a thing of the future. Live-work spaces allow business owners to easily reach their place of commerce and have a short commute back home for family time. If you wish to purchase a building that has an apartment over the workspace, you will be able to easily get to and from work and maintain a much easier quality of life. When you purchase your business/home building, you will need to concern yourself with possible extra risks and plan for these. Here is some extra insurance you should have when you live over your storefront.
Be sure you are covered for smoke damage
If there is a fire in the ground building that houses your place of work, you will be covered via insurance for the fire damage. You need to make sure that your home is covered for smoke damage that comes from outside means without your home having caught fire. Smoke is most likely to cause issues with walls, but it can even seep into your furniture and clothing and can harm your family and pets. Be sure that the insurance policy for your home living area is covered for smoke damage from exterior fires not caused in your home directly.
Increase your personal property coverage
Another building means other entryways. Most live-work buildings will have an entrance from the storefront that leads to the living area. It is not uncommon for these doors to be breached, especially when they are not properly protected or hidden. This could lead to unwanted entrance into your home and property theft. Increase the rates of your property insurance coverage to protect you from more possible loss. Provide updated accounts of your personal property yearly so that your insurance will have a new list of your personal items.
Go over contractors damage
Storefronts need to be updated more often than homes do. If you are living in an area filled with storefronts that need to be aesthetically pleasing to attract clients, you may need to update your store's windows and fixtures every few years. One issue that may arise during these upgrades is that a contractor could potentially cause damage to your home. Beef up your homeowner's insurance policy to make sure that any damage done by a contractor is covered, even if the upgrades were to the storefront and not your personal home.
To learn more, contact a resource like the Oliveira Insurance Agency.