Property and Casualty Insurance
Property and casualty insurance: what to know
Property insurance and casualty insurance (also known as P&C insurance) are types of coverage options that help protect you and your property.
The Property portion refers to coverage for personal belongings, including property, in the event that they are damaged or stolen. Most property is covered against things like theft, vandalism, fire, and weather.
The Casualty portion refers to coverage for incidents in which you are legally liable for damage or injury caused to another party.
These coverages are usually bundled together into one insurance policy, including:
- Car insurance
- Home insurance
- Renters insurance
- Condo insurance
- Specialty lines (RV, motorcycle, etc.)
What policies fall under property and casualty insurance?
P&C insurance describes a broad category of coverage types, but below are the policies most commonly categorized as property and casualty.
Can help cover you, your passengers, and other drivers in the event of a crash. This type of policy can also provide coverage for damage to your vehicle after a crash and other events like theft, vandalism, and weather damage.
In addition to covering your personal items, condo insurance covers the interior structure of your residence in conjunction with the insurance policy carried by your condo association. This type of policy should also provide coverage for your liability.
Differing from condo insurance, home insurance generally covers the entire structure of your residence (interior and exterior) in addition to your personal belongings against certain types of damage or loss. This type of policy also includes coverage for your liability for injury that may occur in your home and outside of your residence if you are legally liable for injury or damage to someone else.
Commonly referred to as “contents” coverage, renters insurance provides coverage for your personal property if it is damaged or stolen. This type of policy also includes liability coverage for injury and/or damage for which you may be considered liable or negligent.
This type of policy is intended for things like motorcycles, boats, golf carts, and recreational vehicles. Special Lines policies generally provide liability coverage and optional physical damage coverage for the vehicle itself; much like car insurance
While these policies share similarities, they all offer varying levels of coverage. It’s extremely important to be aware of how your policy applies, what it covers, and what it does not cover.
Review your policy contract or consult with your agent or insurance provider for a better understanding of your policy.
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