What Is Property and Casualty Insurance

Property and casualty insurance is actually an umbrella term which includes many forms of insurance. Homeowners insurance is one type of property and casualty product, as is renters insurance, auto insurance, and powersports insurance. The term property and casualty insurance typically contains two primary coverage types: liability coverage and property protection coverage.

As it relates to a homeowners insurance policy, property and casualty insurance may cover your belongings and/or another individual’s expenses in the aftermath of an accident occurring from the result of your negligence. For instance, if a guest suffers an injury in your home as a result of your negligence, property and casualty can cover their medical bills, pain and suffering, and loss of income. Negligence would come into play if, for instance, you have put off repairing broken stairs in your home and your guest is injured on these stairs as a result. Property and casualty insurance may also help cover legal fees in the event you are sued by that individual. However, property and casualty insurance can also cover losses relating to your home and belongings in the event of a covered accident.

In short, property and casualty insurance can help pay costs that you’re legally responsible for, up to your policy limits.

What do homeowners property and casualty provisions cover?

Consider the following scenarios in which property and casualty insurance might come into play.

Scenario 1: A visitor falls inside your home and fractures their leg.
If the fall is found to be due to your negligence (rather than the visitor’s), you could be liable for that person’s medical bills, as well as pain and suffering, regardless of whether that person has insurance. Property and casualty insurance protection provided by the homeowners policy can help cover these costs so you won’t have to pay out of pocket.

Scenario 2: An individual is unable to walk and cannot perform their job after an injury sustained on your property.
If someone has an accident on your property that you are found liable for, and that person is unable to work as a result, you could be held accountable for their loss of income. Property and casualty coverage could help you avoid paying out of pocket for the individual’s lost wages, up to the covered limits of your policy.

Scenario 3: You are sued by a visitor after they were injured in your home.
If you are sued by an individual who was injured on your property, you will likely have to pay for the cost of an attorney and other legal fees – which can add up quickly. If you have property and casualty insurance, your insurance provider may cover the cost of these legal fees during the dispute.

Scenario 4: Your home is vandalized and damaged
Property and casualty insurance is a broad insurance, which includes coverage to your structure, property and belongings in the event of vandalism, theft, and more. If a thief were to break into your home, you would be protected up to your covered limits under your homeowners insurance policy.

Scenario 5: Your home is damaged by a covered weather incident
Property and casualty insurance also includes financial protection in the event of a covered weather incident. Remember to read your insurance policy closely for exact details; what types of weather and natural disasters are covered by home insurance will vary according to where you live and what type of insurance you have.

Property and casualty insurance is a smart investment that can help you and your family in the event of an unforeseen accident in your home or on your property. Nationwide’s homeowners and renters insurance policies include bodily injury and property liability. Get a home insurance quote today to select the type of coverage that’s best for your lifestyle.

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