What is the difference between property and casualty insurance?

Answer 1

Property insurance, often referred to as "first party" coverage, refers to the coverages for loss or damage to tangible assets e.g. buildings, personal property, vehicles, cargo, dwellings, etc. This usually includes causes of loss or "perils" such as fire, smoke, wind, water damage, theft, vandalism, hail, roof collapse, and explosion.

Casualty insurance often referred to as "third party" or liability coverage refers to the coverage to defend and pay damages for the policyholder's negligence, often referred to as "tort liability" resulting in bodily injury and/or property damage to other people, e.g. the general public, clients/customers, guests/invitees, etc.

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