Property and Casualty Insurance
This type of insurance will protect things you own (like your home or your belongings) and also includes liability coverage.

This type of insurance will protect things you own (like your home or your belongings) and also includes liability coverage.
Property and casualty insurance refers to types of coverage that protect the things you own (like your home, car, and other belongings, or even your pets). These insurances also include liability coverage. This helps protect you if you’re found legally responsible for an accident that causes injuries to another person or damages to their property.
Types of P&C insurance are homeowners insurance, condo insurance, co-op insurance, HO4 insurance, liability insurance, pet insurance, and car insurance.
P&C insurance does not include other types of insurance coverage such as life insurance, health insurance, and fire insurance.
Let’s take a closer look at what you should know about property and casualty insurance.
Broadly speaking, property insurance refers to your personal belongings ie. stuff you own. Casualty insurance, meanwhile, covers your legal responsibility for losses stemming from damage to another’s property or injury to another person. In homeowners and renters insurance, you’ll find this type of coverage in your liability coverage amounts of your policy.
Casualty insurance is a common insurance policy for small business owners since it protects a company from liabilities in the situation that a worker is hurt on company property.
There are seven major categories of property and casualty insurance.
Additionally, businesses rely on property and casualty insurance to protect business property against covered perils like vandalism, theft, and natural disasters. Businesses’ casualty coverage can help protect them from liabilities in case a worker is hurt on company property, and can help cover workers’ compensation expenses.
Depending on the type of insurance policy you hold, property insurance can be defined differently. For example, in a renters or homeowners insurance policy, your property is referred to as personal property. In the policy it’s referred to as Coverage C, and it applies to your stuff in the event of a covered loss. Homeowners policies also cover the cost of rebuilding your home of it’s destroyed by a covered loss.
Should your home become unlivable, your loss of use coverage will pay for extra expenses you incur while you’re staying away from home.
Finally, the “casualty” part of insurance can help cover your liability for others’ medical payments and legal fees if you’re sued by someone who gets injured on your property.
The level of coverage you’ll need hinges on what type of policy you have and a range of factors unique to your individual circumstance.
If you’re a homeowner, for instance, you’ll want to make sure your reconstruction cost coverage is enough to rebuild your home. Homeowners and renters should select a personal property coverage amount that reflects the value of their personal belongings (furniture, clothes, keepsakes, and so on), and they may need to purchase Extra Coverage to protect especially valuable items, like jewelry, high-end art, bicycles, and more.
What you’ll pay for property and casualty insurance depends on the specific policy you hold, where you live, your deductible, your claims history, larger economic trends, and more. That said, the average cost of a renters insurance policy in the U.S. is $15.50 per month, or $186 per year. Meanwhile, the average cost of a homeowners insurance policy is $140 per month, or $1,680 annually.
Lemonade offers renters insurance starting as low as $5 per month and homeowners insurance starting at $25 monthly.
A few quick words, because we <3 our lawyers: This post is general in nature, and any statement in it doesn’t alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade, which differ according to your state of residence. You’re encouraged to discuss your specific circumstances with your own professional advisors. The purpose of this post is merely to provide you with info and insights you can use to make such discussions more productive! Naturally, all comments by, or references to, third parties represent their own views, and Lemonade assumes no responsibility for them. Coverage and discounts may not be available in all states.
Please note: Lemonade articles and other editorial content are meant for educational purposes only, and should not be relied upon instead of professional legal, insurance or financial advice. The content of these educational articles does not alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade, which differ according to your state of residence. While we regularly review previously published content to ensure it is accurate and up-to-date, there may be instances in which legal conditions or policy details have changed since publication. Any hypothetical examples used in Lemonade editorial content are purely expositional. Hypothetical examples do not alter or bind Lemonade to any application of your insurance policy to the particular facts and circumstances of any actual claim.