Have you ever wondered what would happen to your home or belongings if something terrible were to happen? Have you ever gotten in a car accident and not had the coverage you needed? These scenarios are prime examples of why property and casualty insurance are essential. Read on to learn more about what property and casualty insurance cover, as well as what policies will make the most sense for you.
Property and Casualty Insurance 101
Casualty and property insurance are essential for the protection of yourself and your property, and more often than not, are bundled together to provide a full range of coverages for a discounted premium. Property insurance covers all of your possessions - including home, auto, jewelry, art, furniture and other valuables. Casualty insurance covers you and others in the instance of a catastrophic event - like a bodily injury to yourself or others if you are deemed legally responsible for the event.
Homeowners insurance covers your home and all of the contents within your home. Say there’s a flood which causes damage to your home itself as well as items inside your home - homeowners insurance financially covers the repairs to your home as well as replaces damaged items within your home.
Another facet of homeowners insurance is condo insurance. Although this coverage is a bit different, it’s essential if you live in a condo. This insurance type covers the contents within your four walls. Something else to note, if you make updates to your condo like installing new floors, make sure your policy reflects the amount of your upgrades to ensure your condo is fully covered.
If you have a car, auto insurance is not an option, but a lot of people pay monthly premiums and don’t understand what they’re paying for. You need liability insurance at the very least, but you also have options like comprehensive and collision insurance. This type of insurance covers anyone involved in the accident, including yourself. If you cause the accident and you get hurt or damage your property and/or someone else’s property, your insurance company makes sure both you and the other party are covered.
Liability insurance is part of property and casualty insurance as a whole. Simply put, it covers possible damage that you incur to someone else’s property or person. For example, say you are responsible for a car accident, and both your car and the other party’s car are damaged - liability insurance covers the damages to their vehicle, but not yours.
Whether it’s your property or someone else’s, casualty and property insurance provide peace of mind for accidents both in your home and on the road. Contact us to speak with one of our agents to help walk you through your options!