P&C Insurance is an abbreviated form of Property and Casualty Insurance. This term is more frequently used as jargon and occasionally among business owners; however, it can apply to all individuals who need insurance.
What is Property and Casualty Insurance?
Property and Casualty Insurance is a “genre” of insurance types that essentially include all types of coverages that protect you and your property against liability or damage. The Property aspect refers to coverages that protect the things you own—your car, home, electronics, home library, and other belongings. Casualty insurance is the part of your insurance coverage that offers liability protection—whether from damage caused by a car accident or while on someone else’s property.
Your typical insurance coverage types, such as those listed below, have some form of Property and Casualty coverage as part of the policy.
- Car Insurance
- Homeowners Insurance
- Renters Insurance
- Condo Insurance
- RV Insurance
- Business Owners Policy
A closer look at each, can show the type and extent of Property and Casualty coverage included in the policy.
In Florida, drivers are required to have $10,000 Personal Injury Protection and Bodily Injury Coverage ($10,000 per person/$20,000 per accident), both a form of Casualty liability insurance. In addition, at a minimum, drivers must also obtain $10,000 Property Damage Liability—a type of Property Insurance.
At a minimum, Florida requires all drivers to have some level of Property and Casualty coverage with the opportunity to purchase additional levels of coverage, like Comprehensive, Collision, and additional Medical Coverage.
Homeowners Insurance as a whole is a Property and Casualty Coverage—this insurance is designed to protect your home against damage caused by certain catastrophic events or theft and also includes Limited Liability Coverage for the policyholder and household members from certain types of lawsuits.
Yes, renters can also elect a form of Property and Casualty Insurance. It is often modified for the needs of the renter—protecting the personal property rather than the structure and including Liability Coverage in the vent someone is injury inside your unit.
Similar to Homeowners Insurance. There is Liability Coverage for residents and the Property Coverage is modified for the type of structure and often only protects what is inside your unit (the outside typically falls under the Condo Association’s Property Coverage).
RV and Power Sports Insurance
RV, or Recreational Vehicle, Insurance provides coverage for motor homes, fifth wheels, and similar RVs while Power Sports Insurance covers a vast category of entertainment-based vehicles like jet skis, side-by-sides, 4-wheelers, and similar motorized “vehicles”. The Property aspect of coverage protects the unit against theft or damage caused in an accident; the Casualty Coverage extends coverage to any liability you may have for injuries caused in an accident (to others or whoever is driving) or damage to another’s property.
Business Owners Policy
Insurance for businesses include several types of Property and Casualty Coverages—Property Insurance, General Liability, Professional Liability, Commercial Auto Insurance, Workers Compensation, and others. Each type of Business Insurance policy is designed to address different property protection needs or liability concerns that could occur.
Speak To An Independent Insurance Agent
It is important to thorough consider your insurance needs and opt for an insurance policy that provides the most coverage for likely scenarios. Insurance is one of those things you’d rather have too much of, than not enough. You should discuss your concerns—and your budget—with an independent insurance agent. By selecting your coverage through an independent agent, you can receive quotes from multiple carriers and get help choosing the best coverage for your needs without feeling pressured to select one carrier over another. Learn more on Why An Independent Insurance Agent Is Best For You.