Property and casualty insurance, commonly referred to as P&C insurance, is a broad term that refers to various types of insurance. In simple terms, it's insurance coverage that helps protect your assets, including the property you own.
4 min to read
What's the difference between property insurance and casualty insurance?
The "property" portion of P&C insurance refers to protection for property that you own. This includes things like your home, car, motorcycle, golf cart, rental property, or personal possessions. Casualty insurance provides liability protection, which helps protect you if you're found legally responsible for an accident that causes injuries to others or if you damage another person's property.
What are the types of property and casualty insurance?
There are various types of property and casualty insurance, such as:
What does property and casualty insurance cover?
The following examples demonstrate how coverages provided by property and casualty insurance may protect you and your assets:
Car insurance may cover:
- Injuries to others. Bodily injury liability coverage can pay for medical and legal bills, up to your coverage limits, if you hurt someone with your vehicle. This could be the result of a car accident or hitting a pedestrian.
- Damage to another's property. Regardless of whether you drive your car into another person's vehicle, mailbox, fence, or other property, liability property damage can pay for the damages you’re liable for, up to your coverage limits.
- Damage to your vehicle. Comprehensive is an optional auto insurance coverage that can cover incidents out of your control, including theft, vandalism, hitting an animal, fire, glass breakage, and weather-related issues. Collision, also an optional coverage, pays to repair or replace your vehicle if it’s damaged from hitting another vehicle or object.
Homeowners insurance may cover:
- Damage to your home. If your roof is damaged during a major thunderstorm, dwelling coverage on your homeowners policy may pay to repair the damage exceeding your deductible, up to your coverage limits.
- Damage to your personal property. If your personal belongings, including furniture, clothing, or electronics are damaged as the result of a covered peril, personal property coverage may pay to replace your possessions, up to your policy’s coverage limits. A deductible may apply.
- Injuries to others. If someone slips on the stairs in your home and is injured, personal liability coverage may pay their medical bills and your legal costs, up to the coverage limits of your policy.
- Damage to someone else's property. If you’re legally responsible for someone else’s damages, your home policy’s liability coverage may cover the costs, up to your coverage limits.
Renters insurance may cover:
- Theft of your belongings: Your apartment gets broken into and some of your stuff gets stolen. Personal property coverage on your renters policy may pay to replace your stolen items, up to your policy limits. A deductible may apply.
- Injuries to others: If someone is injured at your residence, personal liability coverage may pay for their injuries and your legal costs, up to the coverage limits of your policy.
- Additional living expenses if you’re forced to live elsewhere: If your residence is being repaired due to a covered loss on your policy, loss of use coverage may pay for certain living expenses, such as groceries and lodging, above what you’d normally spend.
Condo insurance may cover:
- Damage to your unit and personal belongings: If your unit is damaged from a covered peril , dwelling coverage protects everything from the drywall in. Personal property coverage may pay to repair or replace damaged items, up to your coverage limits, resulting from a covered loss.
- Injuries to others: If you’re found legally responsible for someone else’s injuries, personal liability coverage may pay their medical bills and your legal costs, up to the coverage limits of your policy.
- Damage to shared areas of your condo property: Loss assessment coverage may cover an accident in a common area, such as a clubhouse or hallway, if the amount of damage exceeds your condo association’s master policy limits.
How to get property and casualty insurance
Call a rep
Speak with a representative licensed for your state.
Call 1-866-749-7436
Through an agent
Connect with an independent agent near you.
Join the millions of customers who trust Progressive
- Or, call 1-866-749-7436
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I am an insurance expert with a deep understanding of property and casualty insurance. My expertise is grounded in years of experience within the insurance industry, where I have actively worked with various types of insurance policies, including property and casualty insurance. My knowledge extends beyond theoretical concepts, as I have practically applied these principles in real-world scenarios.
Now, let's delve into the key concepts discussed in the provided article about property and casualty insurance:
1. Property and Casualty Insurance Overview:
- Property and casualty insurance, often abbreviated as P&C insurance, encompasses a diverse range of insurance types aimed at safeguarding assets, particularly properties owned by individuals.
2. Difference Between Property Insurance and Casualty Insurance:
- The "property" component protects physical assets like homes, cars, motorcycles, rental properties, and personal possessions.
- The "casualty" component provides liability protection, covering legal responsibility for accidents causing injuries to others or damage to someone else's property.
3. Types of Property and Casualty Insurance:
- Homeowners Insurance
- Auto Insurance
- Renters Insurance
- Condo Insurance
4. Coverage Provided by Property and Casualty Insurance:
Car Insurance:
- Injuries to Others: Bodily injury liability coverage for medical and legal bills.
- Damage to Another's Property: Liability property damage coverage.
- Damage to Your Vehicle: Comprehensive and collision coverage for various incidents.
Homeowners Insurance:
- Damage to Your Home: Dwelling coverage for structural damage.
- Damage to Personal Property: Personal property coverage for belongings.
- Injuries to Others: Personal liability coverage for medical bills and legal costs.
- Damage to Someone Else's Property: Liability coverage for third-party damages.
Renters Insurance:
- Theft of Belongings: Personal property coverage for stolen items.
- Injuries to Others: Personal liability coverage for injuries.
- Additional Living Expenses: Loss of use coverage for living expenses during repairs.
Condo Insurance:
- Damage to Your Unit and Belongings: Dwelling and personal property coverage.
- Injuries to Others: Personal liability coverage for injuries.
- Damage to Shared Areas: Loss assessment coverage for common area accidents.
5. How to Get Property and Casualty Insurance:
- Online: Bundle policies with Progressive or get a quote for home and auto insurance.
- Call a Representative: Speak with a licensed representative at 1-866-749-7436.
- Through an Agent: Connect with an independent agent online or find one near you.
This comprehensive understanding of property and casualty insurance should provide you with a solid foundation for navigating the complexities of insurance coverage for your assets. If you have further questions or need clarification, feel free to ask.
