Better Understanding of Property Casualty Insurance

 Better Understanding of Property Casualty Insurance

Deciding to purchase insurance is a worthwhile decision and the benefits are higher compared with other goods and services. One of the best types of insurance is the property casualty insurance. If you don’t know what this type of insurance is, we’ll help you find the right information. Here are the details to teach you understand this type of insurance.

Defining property casualty insurance

Property casualty insurance is often associated with liability insurance. Casualty insurance is not concerned directly with health insurance, life insurance or property insurance. Mainly, it’s liability coverage of an organization or individual caused by negligent actions.

This type of insurance helps protect against financial losses as a result of becoming lawfully liable for accident that caused damages to another person or property. This helps in paying for the injuries obtained by a person or legal costs that happened as an outcome of a negligent act. Most of the time property casualty insurance works with homeowners, car and even renters insurance.

Better Understanding of Property Casualty Insurance

What does it cover?

When you encounter an accident while driving your car, and you’re known to be at fault, often casualty insurance pays for the replacement or repair of the car of the other person, aside from the medical bills when such person sustained physical injury.

In general, it extends to the extra damage done to the personal belongings of the other person. For instance, it happens if you met an accident with an office employee on his way to the office and the accident destroyed not only his car but also his laptop. If you are at fault for this encounter, you are officially liable for his car and equipment.

Similar thing is true on damages that an injured person suffers while on your property. If someone is killed or hurt while in your home property, and you are the one at fault, all damage costs will be paid by your property casualty insurance company.

Find below some instances where sort of damages is covered by the casualty insurance:

  • Medical bills.  If you are the one at fault, you are held responsible to pay for the medical bills.
  • When encountered with accident, then suffering and pain is an additional type of damage normally claimed by people.  If a person is injured seriously, he can hold you responsible for the amount of money parallel to the extreme suffering and pain he sustained from the accident.
  • Loss of wages. If a person is injured extremely, that person may not be able to continue working at a certain period. You are also held liable for that person’s income.
  • Legal charges. If you get sued, the consequence is to hire a lawyer who will defend your case. Typically, casualty insurance covers the lawyer’s fees if an injured person in your home takes a legal action for the incurred damages.

Better Understanding of Property Casualty Insurance

Whether you need property casualty insurance or not it’s so simple to determine. Buying property casualty insurance is a great idea if you have assets (financial investment, retirement account or a home with equity). Without property casualty insurance, you are putting your assets at high risk.

In this world of possibilities, it is always important to buy insurance to counteract the chances of unexpected things likely to happen in the future.

To learn more about Property Casualty Insurance in Florida, please contact us at DMG Insurance and Financial Services, Inc. ( at 543 N State Road 7, STE 106, Royal Palm Beach EL, 33411, phone 561 422 7071, Fax 561 422 7072.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s