P&C insurance: A beginners guide to property & casualty insurance

The world of insurance can be confusing. There are so many policies to choose from - among the myriad options you’re certain to encounter what’s known as property and casualty insurance, or P and C insurance. Understanding this type of insurance is crucial to making smart decisions in choosing your coverage.

How does P&C insurance work?

P&C insurance offers financial coverage to your personal belongings. This includes your home, car and the contents of your home. It can also include personal liability coverage. 

What are the main types of P&C insurance?

Some of the most common types of P&C insurance include: 

• Homeowners insurance: Offers policies to homeowners. Coverage options include personal belongings, home structure and liability insurance. 
• Renters insurance: This insurance provides financial security for personal belongings owned by renters. 
• Car insurance: This insurance offers financial compensation when a car is involved in an accident. 

What does P&C insurance include?

P&C insurance includes coverages to your belongings when perils strike. For example, if someone breaks into your home and steals your laptop, property insurance would pay for a replacement. 

However, if you have a health issue, P&C insurance wouldn’t cover medical bills. This would be under the purview of your health insurance policy.

Do a survey of your belongings to know what might need coverage. Once you have this information, you get a better idea of the insurance types best suited for you.