What is property and casualty insurance? You and the assets you own are protected by some forms of coverage, such as property and casualty insurance, or P&C insurance.
Your possessions, such as your house or automobile, are partially covered by property insurance.
With casualty insurance, you are protected by liability coverage in case you are held legally accountable for an accident that results in harm to third parties or destruction of their property.
Usually, one insurance policy includes both property and liability coverage. As example:
- Homeowners insurance
- Car insurance
- Condo insurance
- Renters insurance
- Power sports insurance
- Landlord insurance
Read on to learn about the types of property and casualty coverage offered in each of these insurance policies.
Homeowners insurance
Having homeowners insurance, you can guard your house and possessions from covered events like fire and theft. Liability coverage is often included in homeowner’s insurance plans, which can shield you in the event that you are held legally liable for injuries sustained at your house or property damage caused by others.
Learn more about homeowners insurance.
Car insurance
Depending on the coverages you select, auto insurance offers several options to protect both you and your car. Most states have laws requiring drivers to carry liability insurance. Furthermore, your lender can mandate collision and comprehensive coverage.
Learn more about car insurance.
Condo insurance
Condo insurance offers protection against internal structural damage to your condo. Typically, condo insurance also includes liability coverage. It’s critical to comprehend the differences between what your policy covers and what your condo association’s policy might cover.
Learn more about condo insurance.
Renters insurance
If you rent, chances are good that your landlord has insurance to help safeguard their property, including the building, but it probably won’t cover your personal possessions.
Typically, renters insurance aids in the protection of your personal belongings, such as electronics, clothing, and furniture. It usually also covers liability in the event that you are held liable for harm to another person’s property or injuries sustained by visitors while they are staying at your house. Increased living costs, such as having to move temporarily if a covered loss renders your rental property unusable, may also be covered by renters insurance.
Learn more about renters insurance.
Power sports insurance
Certain types of vehicles, such snowmobiles, boats, golf carts, and all-terrain vehicles, can be covered by specific insurance policies. These kinds of insurance typically assist in covering the vehicle (in the event that it is stolen or damaged, for example) and offer liability protection in the event that you injure or damage someone else’s property while using the vehicle.
Learn more about power sports insurance.
Landlord insurance
Landlord insurance helps protect a property that generates rental income. This type of policy typically helps protect the building you own from certain perils — damage caused by hail or fire, for example. It also usually offers liability protection, which may help cover you if you’re sued following an incident on your property.
Learn more about landlord insurance.
Coverage limits will apply regardless of the kind of property and liability insurance policy you have. To find out what is covered, make sure you read your policy or speak with your representative. Usually, limits can be changed to suit your particular circumstances.