Insurance on duplex - Primary Residence with Storefront

[Rick Michaels]

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?

[George Skidis]

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.