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Property and casualty insurance refers to types of coverage that protect the things you own (like your home, car, and other belongings, or even your pets). These insurances also include liability coverage. This helps protect you if you’re found legally responsible for an accident that causes injuries to another person or damages to their property.

Types of P&C insurance are homeowners insurance, condo insurance, co-op insurance, HO4 insurance, liability insurance, pet insurance, and car insurance.

P&C insurance does not include other types of insurance coverage such as life insurance, health insurance, and fire insurance.

Let’s take a closer look at what you should know about property and casualty insurance:

Broadly speaking, property insurance refers to your personal belongings ie. stuff you own.  Casualty insurance, meanwhile, covers your legal responsibility for losses stemming from damage to another’s property or injury to another person. In homeowners and renters insurance, you’ll find this type of coverage in your liability coverage amounts of your policy.

Casualty insurance is a common insurance policy for small business owners since it protects a company from liabilities in the situation that a worker is hurt on company property.

There are seven major categories of property and casualty insurance.

Additionally, businesses rely on property and casualty insurance to protect business property against covered perils like vandalism, theft, and natural disasters. Businesses’ casualty coverage can help protect them from liabilities in case a worker is hurt on company property, and can help cover workers’ compensation expenses.

Depending on the type of insurance policy you hold, property insurance can be defined differently. For example, in a renters or homeowners insurance policy, your property is referred to as personal property. In the policy it’s referred to as Coverage C, and it applies to your stuff in the event of a covered loss. Homeowners policies also cover the cost of rebuilding your home of it’s destroyed by a covered loss.

Should your home become unlivable, your loss of use coverage will pay for extra expenses you incur while you’re staying away from home.

Finally, the “casualty” part of insurance can help cover your liability for others’ medical payments and legal fees if you’re sued by someone who gets injured on your property.

The level of coverage you’ll need hinges on what type of policy you have and a range of factors unique to your individual circumstance.

If you’re a homeowner, for instance, you’ll want to make sure your reconstruction cost coverage is enough to rebuild your home. Homeowners and renters should select a personal property coverage amount that reflects the value of their personal belongings (furniture, clothes, keepsakes, and so on), and they may need to purchase Extra Coverage to protect especially valuable items, like jewelry, high-end art, bicycles, and more.

What you’ll pay for property and casualty insurance depends on the specific policy you hold, where you live, your deductible, your claims history, larger economic trends, and more. That said, the average cost of a renters insurance policy in the U.S. is $15.50 per month, or $186 per year. Meanwhile, the average cost of a homeowners insurance policy is $140 per month, or $1,680 annually.

Lemonade offers renters insurance starting as low as $5 per month and homeowners insurance starting at $25 monthly.

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