- May 10, 2017
- Posted by: Liam Dai
- Category: Uncategorized
P & C coverage – Do you Have It?
Ever hear of property and casualty insurance? It’s a strange term, isn’t it? However, the meaning may be vague for the normal consumer. In laymen’s terms, property and casualty insurance (“P&C” in industry terms) is a broad type of coverage that helps protect the things that you own, and provides coverage if you’re found legally responsible for an accident that causes damage to a person or another person’s belongings. It’s not limited to a particular type of insurance, hence why we’ll look at a number of examples that encompass the breadth of the insurance spectrum.
So, what is P&C?
P&C for Homeowners
P&C Insurance protects your home and belongings against covered perils , which includes theft or damage from fire. Essentially, P&C protects you in the event that you’re found liable after someone seeks compensation after they were injured at your home or you or your family members caused damaged to another person’s property.
P&C for Those that Drive
Having a P&C policy may help ensure that you’re protected in the event of an accident. Most states legally require drivers to have a P&C liability coverage policy, as well as most lenders. In the event of an accident, it is comforting to know that your responsibility is taken care of ahead of time, not when you’re on the phone with an insurance agent while police assess the damage
If you own a condo or townhouse, P&C coverage is absolutely necessary to avoid a huge financial burden. It’s important to know what the extent of your liability protection is and what the hypothetical risk is BEFORE it occurs. You may be found liable for damages even if you had no hand in what occurred!
Similar to condo or townhouse insurance, P&C coverage extends to renters. Do you know how much is at stake if a catastrophe occurs? You may feel that your landlord has everything covered, but did you know that if a fire ravaged through your building, the landlord’s policy only covers everything outside of “walls in” coverage. That hefty record collection that melted when your neighbor left her candles burning too long? Guess what, that’s YOUR responsibility—not hers, not your landlord’s.
On the other side of the coin, if you’re a landlord, having an adequate P&C policy helps provide protections against renters who want to claim against their losses in the event of a catastrophe (e.g. fire damage, hail damage, etc.). The liability coverage helps cover you (and your business interests) in the event that you’re sued for damages.
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This is just the tip of the iceberg when it comes to P&C coverage—it encompasses a large swath when it comes to how individuals—homeowners, renter, and landlords—protect their families and assets against the hazards of life.
That’s why having an insurance advisor may be your best course of action. Having someone in your corner who looks after your interests, especially all of the inevitabilities of life, can be an invaluable part of your life. To learn more about P&C coverage and to discover the ways that you can protect yourself, we recommend contacting the insurance advisors at RiskBlock to ensure that you continue to thrive among the curveballs that life can throw at us.