Property and Casualty Insurance

Homeowner's insurance, renter's insurance, car insurance — all terms you're likely aware of and types of insurance you likely have. But have you heard the term Property and Casualty insurance? If this is new to you and you're thinking "great, do I need this too?", the answer is yes. But the good news is it's already part of the insurance policies you're looking into or already have. Let's explain this further.

What is Property and Casualty insurance?

Property and Casualty insurance, also referred to as P&C insurance, is essentially joint coverage to protect you from certain risks. Like the first half of the name suggests, property insurance covers things you own —whether it's a car, a home or the belongings you place in it. Casualty insurance, on the other hand, offers coverage to help protect you if you're held responsible for an incident that causes injury to another person or damage to their belongings. Together, P&C insurance makes up the foundation of most insurance policies you have.

How does it work?

Well, P&C insurance is already included in your car and home insurance (whatever home is to you). We know it may sound confusing, so here's a list of examples to show how P&C ties into some insurance policies you have or are considering:

Home insurance

  • Property : Covers your home (physical building) and the belongings you have in it from all losses such as fire , theft , etc.
  • Casualty : Offers coverage if you're held responsible for someone injuring themselves on your property, or if you were to cause any damage to someone else's property.

Condo insurance

  • Property : Covers your unit (not including common areas in the building) from structural damage and any damage/loss to your belongings in it.
  • Casualty : Offers coverage if you're held responsible for someone injuring themselves in your unit.

Tenant insurance

  • Property : Covers your personal belongings from losses outlined in your policy such as theft or fire.
  • Casualty : Offers coverage if someone injures themselves in your rental unit or if you cause damage to someone else's property.

Rental property insurance

  • Property : Covers damages/loss to the rental property and can include coverage for damage/loss to the property owner's belongings that remain on site.
  • Casualty : Offers coverage if you're held responsible for property damage or injuries to a third party resulting from your ownership of the rental space.

Car insurance

  • Property : Covers damage to your car if you're in an accident and protects your car from damages/loss caused by other factors like fire, vandalism, etc.
  • Casualty : Offers coverage if you get into an accident and cause injuries to someone else or damages to their car.

Recreational vehicle insurance

  • Property : Covers damage to your recreational vehicle if you're in an accident and protects it from damage/loss due to risks such as fire, theft, etc.
  • Casualty : Offers coverage in case you get into an accident and cause injury to a third party or damage to their property.

Keep in mind that everyone's insurance policies differ and depending on the province you live in, coverage requirements and minimums will vary. For coverage details specific to you, check your insurance policy to see what you're covered for and any exclusions that may apply, what enhancements you've added to your standard policy, and up to what dollar limits you're covered to.

How do I get Property and Casualty insurance?

Getting P&C insurance doesn't have to be difficult. Start off by knowing which specific type of insurance you need. Whether you're shopping for a car, looking to rent out a condo or apartment, or you're looking to buy your first home, we offer coverage for all of life's milestones. Once you know what type of insurance you're looking for, you can get a quote in minutes. And, by bundling multiple insurance policies together, you can save by taking advantage of our bundling discounts — convenient and cost-efficient.