Property and Casualty Insurance - Home, Car, Condo, Co-op, Renters
Property and casualty insurance accounts for 48% of the insurance industry's net premiums. In 2019, property and casualty insurance carriers paid out $24.4 billion for property losses connected with adverse events. According to the trusted National Association of Insurance Commissioners, nearly 2,500 US property and casualty insurance companies processed these claims.
Property and casualty insurance is a term used in the insurance industry that refers to property coverage and liability coverage. It includes various types of policies. For instance, homeowners insurance and renters insurance fall into the property and casualty line of products. It does not include life insurance, health insurance, or other similar coverages.
What is Property and Casualty Insurance?
Property and casualty insurance coverage is an umbrella term used by insurance companies that refers to different coverages. The primary coverages under P&C are:
- Home Insurance
- Auto Insurance
- Boat Insurance
- Renters Insurance
- Condo Insurance
- Co-op Insurance
- Special Lines Insurance
Property and casualty insurance is usually packaged together into one insurance policy for each property type listed above. Those insurance contracts, therefore, typically include property and liability protection.
What Does P&C Insurance Cover?
The property part of P&C insurance pays to replace or repair a dwelling and personal belongings. It is valid when a covered peril causes a total loss or damage. The casualty portion of P&C insurance pays for your legal expenses. It kicks in if you are found legally responsible for property damages to someone else's property or for injuring someone else.
Note: It does not cover injuries to yourself or residents of your household
What is Casualty Insurance?
Casualty insurance is liability insurance. It covers adverse events where you are legally responsible for injuries caused to another individual. It also covers their property damage you caused, or that happened on your property. Your insurance company pays your legal expenses if you cause an auto accident or for injuries that occur in your home.
What Is Property Insurance?
Property insurance pays to replace or repair personal property you own if lost, damaged, stolen, or destroyed. This insurance covers items such as a home, a Rolex watch, or a vehicle. Property insurance protects the property in cases of fire, vandalism, and other perils. The perils, or disasters, covered depend on the type of policy you buy.
What are the Types of Policies Under P&C Insurance?
Home insurance typically covers the following:
- Dwelling. Your home's structure in its entirety, including the exterior and interior, the dwelling
- Personal property. It includes your personal belongings, like furniture, jewelry, or musical instruments
- Liability. Usually, homeowners insurance includes coverage for legal liability. It pays legal costs if you get sued for causing bodily injury to someone or for physically damaging someone's property
It protects financial losses for your property when it is destroyed, damaged, or gone because of covered perils.
Auto insurance covers property damage and liability. It includes coverage for:
- Property damage. The policy also covers property damages caused by accidents. Property damage coverage also includes other incidents, such as weather damage, like hail, and vandalism
- Medical coverage. For your vehicle's occupants, other drivers, their passengers, and pedestrians when involved in a car accident
- Liability. Car insurance pays if you get sued for causing injuries to other people or damages you cause to other people's property
- Personal property. Coverings for your walls, floors, ceilings, and coverage for appliances, ceiling lights and fans, and other personal belongings you own
- Liability coverage. If you get sued due to a mishap that causes damage to another individual's property or injury to someone else
Renters insurance is like condo and coop insurance. It protects:
- Personal property. Personal belongings, such as clothing, electronics, bikes, and furniture
- Liability coverage. Liability coverage if you are considered liable for third-party injuries in your home or damages to another person's property
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Hope that helps!
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