What is Property and Casualty Insurance?

Property and casualty insurance is one of the most common forms of insurance available. It provides protection against damaged property as well as protection against negligence. There are several different types of property and casualty insurance policies out there and they all offer different benefits.

Property Coverage

The first part of a property and casualty insurance policy covers any damage to property. You can get insurance on almost any piece of property that you own. Some common things covered by this type of policy are houses, cars, boats, and valuables. If you have a property and casualty policy on your home, it will be covered from any damage inflicted upon it. For example, let's say that a water pipe in your house burst and flooded the entire house. Your flooring would be damaged as well as the walls. You could lose personal property that was damaged in the excess water as well. The property portion of your policy would take care of this damage. They will pay to replace the damaged flooring, fix the drywall and replace any damaged property inside the house. They will even try to prevent any future problems by drying everything out with a remediation company. They will make sure that the house is dry and free from any future mold damage.

This type of coverage insures that you do not have to worry about your property. If it is damaged, it will be covered by your property and casualty policy. This takes a lot of the fear of damage away from your property and allows you to focus on other things.

Casualty Coverage

The other portion of this policy covers you against any liability associated with an accident involving your property. The most common example of this type of coverage involves auto insurance. Let's say that you are driving down the road and you don't see a car in front of you and slam into it. The driver of the other car is injured and requires a hospital stay. They rack up some major medical bills during the process and the wreck was your fault.

With casualty coverage, you will not have to come up with the money even though you are at fault. Your insurance policy will take care of the liability and pay for the bills. They will pay to repair or replace the other person's car and get them back up and running. If that includes lost wages, pain and suffering, or anything else, they will pay for it. This takes a huge burden off of you. The burden is placed on your insurance company and you are worry free. This type of coverage is also available for other types of property as well. If someone is injured in your house, this type of coverage will cover their injuries.

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