What is property and casualty insurance?
Last updated: January 1
Property insurance and casualty insurance (also known as P&C insurance) are types of coverage that help protect you and the property you own.
Property insurance helps cover stuff you own like your home or your car.
Casualty insurance means that the policy includes liability coverage to help protect you if you're found legally responsible for an accident that causes injuries to another person or damage to another person's belongings.
Property and casualty insurance are typically bundled together into one insurance policy. For 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 helps protect your home and your belongings against covered perils, such as theft or fire. Homeowners insurance policies also typically include liability coverage, which may help protect you if you're found legally responsible after someone is injured at your home or you cause damage to someone else's property.
Car insurance helps protect your vehicle — and you — in a few different ways, depending on which coverages you choose. Drivers in most states are legally required to have liability coverage. Additionally, comprehensive and collision coverage may be required by your lender.
Condo insurance helps protect against structural damage to the interior of your unit. Liability protection is usually another component of condo insurance. It's important to understand what your policy covers versus what may be covered by your condo association's policy.
If you rent, you'll likely find that your landlord has an insurance policy to help protect their building and their personal property, but that policy would likely not cover the belongings owned by you, the renter.
Renters insurance commonly helps protect your personal property (furniture, clothing and electronics, for instance). It also typically includes liability coverage if you're found responsible for damages to someone else's property or a guest's injuries in your home. Renters insurance may also help pay for increased living expenses, such as if you have to temporarily relocate if your rented home becomes uninhabitable due to a covered loss.
Power sports insurance
Boats, golf carts, all-terrain vehicles and snowmobiles are among the vehicles that may be protected by specialized insurance policies. These types of policies generally help cover the vehicle (for instance, if it's damaged or stolen) and provide liability protection just in case you cause damage to someone else's property or injure someone else while riding it.
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.
No matter what type of property and casualty insurance policy you have, coverage limits will apply. Be sure to read your policy or check with your agent to learn about your coverage. Limits can typically be adjusted based on your specific situation.