Property and Casualty Insurance

Types of insurance that protect stuff you own (like your home and car) and offer liability coverage (help protect you if you’re found legally responsible for an accident that causes injuries to another person or damage to another person’s stuff).

What is property and casualty insurance?

Property and casualty insurance, or P&C insurance, is an umbrella term to describe a bunch of different types of insurance, covering your personal property and offering liability coverage. Types of P&C insurance are: homeowners insurance, condo insurance, co-op insurance, HO4 insurance, and auto insurance.

P&C insurance does not include other types of insurance coverage such as life insurance or health insurance.

Property Insurance Definiton

Broadly speaking, property insurance refers to stuff you own. However, depending on the type of insurance policy you hold, property insurance can be defined differently. For example, in a renters policy, your property is referred to as personal property. In the policy it’s referred to as Coverage C, and it applies to you stuff in the event of a covered loss (more on that in a bit).

TL;DR: Personal property coverage (aka contents insurance) part of any standard renters or homeowners insurance policy, helps you recover the cost of your lost or damaged stuff for a bunch of different scenarios, which we’ll dive into in the following sections.

Casualty Insurance Definition

In a nutshell, casualty insurance refers to insurance that covers the legal responsibility for losses stemming from damage to another’s property or an injury to another person. In homeowners and renters insurance, you’ll find this type of coverage in your liability coverage amounts of your policy.

 

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