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Basics of Casualty Insurance in Your Insurance Policies

  • Auto Insurance
  • Xavier Sabastian
  • 5 minutes

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Casualty insurance is probably something you’ve heard of. But, of course, the “property” part is about things like your car, house, and furniture. What is casualty insurance, though, and why should you care?

As a homeowner, knowing the different types of insurance coverage, you can choose a plan that fits your needs and price range is important. You probably already know about a home, renter, and auto insurance. They probably have property and casualty clauses that affect how much you get paid in case of an emergency or something you can’t avoid.

So, with a little help from Way.com, here’s what you should know about property and casualty insurance.

Get the right casualty insurance for your car

Basics of Property and Casualty Insurance

Property and casualty insurance pays for damage to your personal property, belongings, or other people, as long as it doesn’t exceed your coverage plan’s limits. Property and casualty insurance is a broad term for many different types of insurance. However, it is an important part of many popular insurance plans for homeowners, renters, and cars.

If that sounds confusing, think of it this way: P&C insurance is a type of property insurance that can help pay for costs you are legally responsible for in an emergency, as long as they are within the limits of your coverage plan and policy limit.

 

Coverage of Property and Casualty Insurance

Breaking this complicated word into its two parts makes it easier to understand. Property insurance covers damage to your things, like your home or car. Casualty insurance covers liability, negligence, and any losses to third parties. 

Here is a complete list of what each part of the policy covers:

Property Insurance Coverage

  • Accidental or intentional property damage
  • Reduced earnings¬†
  • Additional costs incurred as a result of broken or replaced equipment
  • Inevitable destruction from natural hazards.
  • Theft and vandalism

Loss of use of things like:

  • House/dwelling
  • Belongings in the Car
  • Commercial Property

Casualty Insurance

Losses in liability

If you are found to be legally responsible for an accident, this part of your insurance will cover any costs you have to pay to the people who were hurt, like repair or replacement costs, legal fees, and even medical bills. 

This policy also pays for damage caused by:

  • Negligence
  • Losses for other people

Property and casualty insurance, a key part of many insurance plans, is usually already a part of your basic property insurance policy when you buy a home or condo.

Is this coverage a requirement?

Property and casualty insurance, a key part of many insurance plans, is usually already a part of your basic property insurance policy when you buy a home or condo. Before shopping for insurance, look at the plans you already have and see if there are any holes in your coverage that you could fill with add-ons. Many mortgage lenders require homeowners insurance, so you probably have property and casualty insurance if you’ve already bought a home.

Casualty insurance is a big part of both car insurance and home insurance. In addition, casualty insurance covers your responsibility to others and is a part of these important policies.

Car Reverse GIF by iLOVEFRiDAY

via GIPHY

How does casualty insurance work as a part of auto insurance?

You back your SUV out of the driveway by putting it in reverse. The pickup truck of your next-door neighbor gets hit by your SUV. Since you caused the accident, the $1,000 damage to your neighbor’s truck is your legal responsibility. The damage is paid for by the “casualty” part of your car insurance.

Casualty insurance that comes with homeowners policy

Casualty insurance that comes with a homeowners policy

Your friend trips and falls down your front steps. You put off fixing the step railing, which led to your friend falling down the stairs and breaking his ankle. Since you didn’t fix the railing, you will be partially responsible for the accident. In this case, the casualty section of your homeowners’ insurance will cover your friend’s hospital bills and even pay your legal fees if your friend sues you (which is likely to end your friendship, but that’s not covered by insurance).

mandeep dhillon saz GIF by BBC

via GIPHY

Perfect Car Insurance = Way.com

Ensure you are protected throughout the trip when you get behind the wheel. Obtain a quote today to see how simple and affordable auto insurance can be. Every time your policy is due for renewal, Way.com will offer you updated quotes. This will ensure that you continue to receive the coverage you need at the most affordable rate.

Every time your policy is due for renewal, Way.com will offer you updated quotes.

Getting new auto insurance is a hassle, but Way.com handles everything from comparing prices from top insurers to making a purchase. In addition, with the assistance of Way.com, you can cancel your current insurance policy.

Insurers use a variety of factors, including your age, address, the type of car you drive, and your driving record, to determine the cost of auto insurance, which means that every driver will ultimately receive a different rate. Therefore, comparison shopping is your best bet for finding the cheapest auto insurance anywhere.


Here’s more info on¬†top-rated airport parking,¬†the best parking spots in your city, affordable¬†auto insurance, easy¬†auto refinance, and¬†high-quality car washes near you.


 

 

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