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Property and casualty insurance covers both your property and liabilities.
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(855) 909-2474Request a free quoteIf you have ever been in the market for home insurance, business insurance, or auto insurance, you may have heard the term “property and casualty insurance.” Insurance terminology can be difficult to decipher, so having a term that spans multiple markets makes it simpler. No matter which insurance market you are in, property and casualty insurance covers your assets and belongings as well as your liabilities.
Editor’s note (last updated July 2, 2024): We have updated this page to reflect the latest available data on net premiums written from personal and commercial lines.
Property and casualty (P&C) insurance, an umbrella term for insurance coverage, is a form of bundled insurance that covers both your property and your liabilities. Even though property coverage and casualty insurance cover separate assets, P&C insurance is the minimum in many states. Learn more about each type of insurance and which losses and financial protections it covers:
Make sure to check the minimum insurance requirements for your state. Some states require more than P&C insurance.
P&C insurance typically contains two primary types of coverage: liability coverage and protection coverage. In short, protection covers your property and liability covers others’ property and injuries.1
P&C insurance covers protection and liability in many different markets.
If your personal property is damaged or someone is suing you for damages, you can file a claim with your insurance company and get reimbursed for the losses. However, insurance will reimburse you only up to your policy’s property limit or casualty limit.
That is why it is important that you make sure your liability limit is appropriate for your situation.
Your coverage limits should match the worth of your belongings. For example, if you have $300,000 of belongings in your home, your coverage limit should be $300,000. If your coverage limit is less than that, you risk paying out of pocket for damages.
While property insurance and casualty insurance are often grouped together, they are very different from one another. Property insurance reimburses you for damages to your possessions. Casualty insurance reimburses you for legal fees or medical payments if you are found to be at fault for someone’s injuries or damage to their property.
Yes. All P&C insurance can be split into personal lines and commercial lines.
All P&C insurance falls into one of two groups: personal lines and commercial lines.2 While both groups are a part of P&C insurance, they work in different ways.
In the world of insurance, property and casualty is not something you should gloss over. Whether you are looking into home insurance,auto insurance, or a home and auto insurance bundle, this type of policy is important in terms of both your property and your liability.
What Is Property And Casualty Insurance? Allstate. (2019, Sep).
https://www.allstate.com/tr/insurance-basics/property-and-casualty-insurance.aspx
Difference between Personal Lines and Commercial Lines in Insurance. Winsurtech. (2019, Jul 17).
https://winsurtech.com/blog/difference-between-personal-lines-and-commercial-lines-in-insurance/
Facts + Statistics: Commercial Lines. Insurance Information Institute. (2022).
https://www.iii.org/fact-statistic/facts-statistics-commercial-lines