Property and casualty insurance: what to know
The Property portion of Property and Casualty (P&C) insurance refers to coverage for personal belongings and property in the event that they are damaged or stolen. Most property is covered against things like theft, vandalism, fire, and weather. There are different types of property insurance. But the main components are:
- Car insurance
- Home insurance
- Renters insurance
- Condo insurance
- Specialty lines (RV, motorcycle, etc.)
The Casualty portion of P&C insurance refers to coverage for incidents in which you are legally liable for property damage or injury caused to another party. Your liability is covered in and out of court by your insurance company when you are considered liable or negligent during a crash or incident at your home.
Liability insurance is often referred to as “Third Party” coverage.
What policies fall under property and casualty insurance?
P&C insurance describes a broad category of coverage types.
The policies most commonly categorized as Property and Casualty are:
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.
Compare insurance rates online and start saving today!
Related Content
- What is No-Pay, No-Play Insurance?
- What is an Excluded Driver?
- What is a Car Insurance Premium?
- Medical Payments Coverage for Car Insurance
- What Happens When an Insurance Company Closes?
- What to do After a Car Accident
- What is an Insurance Binder?
- What is Loss of Use Coverage?
- What is an FR-44?
- Uninsured & Underinsured Motorist Coverage Guide
About The Zebra
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.
- The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
- The Zebra’s insurance content is not subject to review or alteration by insurance companies or partners.
- The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
- The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.