What Does Property and Casualty Insurance Cover?
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Property and casualty insurance –also known as P&C insurance– protects property owners and the property they own. P&C insurance is a broad term that includes several different forms of insurance such as homeowner’s insurance, renter’s insurance, and auto insurance.
How Does Property and Casualty Insurance Work?
P&C insurance functions like other types of insurance. In the event of personal property being damaged, owners can file a claim with their insurance company to be reimbursed for the property repairs or losses. Or, if an individual sues the owner for damages, liability insurance can help cover this claim.?
What Does Property and Casualty Insurance Cover?
As the name implies, P&C insurance can be split into two parts: property and casualty.
Property and Casualty Insurance Bundles
Property and casualty insurance are typically bundled together into one insurance policy. For example, these policies may include:
Coverage can vary per bundle. Read on to learn what each policy generally offers regarding personal property and liability coverage.?
Homeowners Insurance
Homeowners insurance?is a type of property insurance that protects homes and other assets against interior or exterior damage and loss of possessions through theft. Typically, homeowners insurance covers the home, furnishings, and other belongings and provides liability coverage against accidents on the property.?
Homeowner’s insurance includes?three basic levels:
Renters Insurance
Renters insurance?provides coverage against losses for a tenant’s personal assets within a rental property. Additionally, renters insurance can protect the tenant against losses resulting from liability claims in some cases.?
Landlord Insurance
Landlord insurance varies by plan but typically covers the damages to physical property as well as offers liability protection. Nearly?75%?of landlord liability lawsuits could have been avoided with a simple landlord insurance policy.?
Condo Insurance
Condo insurance is similar to homeowners insurance, protecting against losses and damages, but is specific to a condominium unit.?
Auto Insurance
Property and casualty insurance also includes auto insurance. Car insurance covers the damage to a vehicle following an accident or can replace the vehicle if it is stolen. The liability insurance can cover damage done to other vehicles or can help pay for injuries to other drivers.?
Power Sports Insurance
Similar to auto insurance, power sports insurance covers repairs to power sports vehicles from damages and provides financial liability coverage for the operator.?
Property and casualty insurance may cover power sports such as:
Looking for More Information?
Check out our policies and how they can help to protect your property,?here.?
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