You would often have come across the term “property and casualty insurance.” But, do you know its meaning? Even if you do not know what it means, then also you do not have to worry, as here you will get to know what type of insurance this is and what all it includes.
In simple words, casualty insurance and property insurance are kinds of coverage that protect two things. One is that it protects you by providing you with liability coverage, in case you are found liable for an accident that damages the belongings of another person or results in injuries to another individual.
The second thing it protects is your belongings and property that you own, such as your car, home, business, etc. against any losses. This insurance type protects a business or person with an interest in the physical property that is insured against losses.
Types of property and casualty insurance
Since there are many types of property insurance and casualty insurance, we have mentioned some popular examples of the types of insurance policies that generally provide you with a casualty and property coverage. Have a look!
Car insurance can guard your vehicle as well as you in several ways, as per the coverage that you choose. Generally, drivers are required to take liability coverage. Moreover, your lender may also provide you with collision and comprehensive coverage.
Homeowners insurance protects your belongings as well as your house against the covered dangers, like fire or theft. It also usually covers your liability, which protects you in case you are found liable after you cause damage to other person’s property or if someone gets injured at your house.
One of the examples of property and casualty insurance is condo insurance that protects you against any structural damage that can happen in your unit’s interiors. Additionally, condo insurance also provides liability protection. Therefore, it is important to know what all your insurance policy actually covers as opposed to what all may be covered by the policy of your condo association.
Power Sports Insurance
There are some specialized insurance plans that cover special items. One such example of this type of insurance policy includes the power sports insurance, which covers boats, all-terrain vehicles, golf carts, and snowmobiles.
Generally, these policy types cover the vehicle, in case it gets stolen or damaged. Plus, they also protect you against any liability, in case you injure someone while riding such type of vehicles or damage another person’s property.
If you stay on rent, it is most likely that your landlord has taken an insurance plan in order to secure their personal property as well as their building. However, this insurance policy will probably not cover your own belongings as a renter. For this, renters insurance comes in handy, which is also a type of property and casualty insurance. It typically protects the renter’s personal property, such as furniture, clothing, electronics, etc.
It also generally has liability coverage, in case you are found legally responsible for any damage done to the property of another individual or the injuries caused to a guest in your house. Additionally, renters insurance can also help you to pay for augmented living expenses, like if you have to relocate on a temporary basis, in case your rented house becomes uninhabitable owing to a covered loss.
Landlord insurance protects a rented property for its owner. Such types of policies generally protect your owned building that you have given on rent to someone else against dangers like fire, hail, etc. It also typically provides you with liability protection, which covers you if you are found legally responsible for any incident that occurred on your own property.
No matter what kind of property and casualty insurance you take, it is important that you know there are some coverage limits to each such insurance policy. Therefore, you must carefully read your insurance policy or take the services of an agent in order to know more about the coverage you invest in. The limits of an insurance policy can be adjusted as per your particular situation. A local insurance agent can tell you what coverage types are suitable for you.