Property and casualty is an umbrella term used to describe the different types of insurance policies that contain two primary types of coverage: liability coverage (casualty) and property coverage. Essentially, property and casualty coverage helps protect the policy holder’s property and belongings, as well as pay for costs that they are responsible for due to accident or negligence.
Homeowners’ insurance is one of the most common types of property and casualty insurance policies. It typically protects a home, as well as the items inside it, from loss due to covered perils, including wind, fire, theft or vandalism. On top of that, homeowners’ insurance usually includes liability coverage for the homeowner, which can protect from financial loss in the event they are found legally responsible for an injury, theft, accident or other covered event that occurs in the home.
Similar to homeowners’ insurance, renters insurance and condo insurance each provide coverage for both property and liability. The difference is that because the actual building itself is not owned by the policyholder, these policies only cover property loss or damages that occur inside a specific unit. In addition to covering liability and personal property such as furniture, clothing and electronics, renters insurance may also be written to help pay for temporary relocation if a unit becomes uninhabitable due to a covered loss.
Landlord insurance offers similar protection to homeowners’ insurance, while covering the added liabilities that come with renting out a property or properties as a source of income. It can cover property damage to a building from wind, fire, theft and even tenant damage. Landlord insurance can also include coverage for the landlord’s personal property within the building, such as items used for maintenance (lawnmower, snowblower, etc) as well as items that have been provided for tenant use (furniture and some types of appliances) in the rental home. It also offers liability protection, in the event that a tenant or visitor sues the landlord following an incident on the property.
For businesses, a business owners policy serves as a type of property and casualty coverage, and often includes commercial general liability, commercial property, professional liability, and equipment breakdown insurance. An environmental insurance policy is another property and casualty coverage option for businesses and typically includes coverage for statutory cleanup requirements, third-party claims for bodily injury and property damage, and associated legal expenses as a result of sudden and accidental or gradual pollution or contamination events.
Regardless of the type of property and casualty insurance policy, coverage limits always apply. However, excess property and liability can help provide additional financial coverage for property and liability claims beyond a stated limit on another policy, similar to an umbrella policy.
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