Property and casualty insurance is comprised of two different, yet interconnected areas of insurance. The property part insures physical property such as a car, home, or business against property losses. The casualty portion insures you against legal liability for property damage or injury to others that result from accidents. There are many types of property and casualty insurance or pandc insurance:
Types of Pandc insurance:
- Auto Insurance – typically provides coverage for personal injury and property damage to your vehicle as well as liability coverage for injury or property damage to others in the case of an accident. Collision and comprehensive property damage coverage may be included for additional property protection.
- Homeowner’s Insurance – the structure and contents are generally covered for damages while some personal liability may also be covered as well as injury or property loss to others while on the premises. Additional policies for flood damage or other specialty coverages may also be added to a homeowner’s policy.
- Business Insurance – provides coverage for business property is usually very dependent on the type of business. Some businesses need as much protection for intellectual property as they do for physical property. Liability insurance is important so that the property of clients or customers is covered.
Who Needs Property and Casualty Insurance?
Pandc insurance is necessary whether one owns a home or a business or both. Maintaining sufficient amounts of insurance gives one peace of mind that they are protected in case the unforeseeable should happen.