Property and Casualty Insurance

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

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Property and casualty insurance are 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.

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, 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.

Property Insurance

Broadly speaking, property insurance refers to your personal belongings ie. 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 your stuff in the event of a covered loss.

Property insurance is a popular insurance policy for business owners and protects the business property in the case of vandalism and theft, covering the structure, and its contents. Another variation is pet insurance, which is surprising since pets are part of our families. But since your insurance reimburses you for the costs of your cat’s or dog’s care it’s considered property insurance as well. 

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

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.

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. 

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.