Florida Property and Casualty (P&C) insurance is a type of insurance coverage that provides protection for personal and business property against damage, loss, or liability.
Property insurance typically covers losses or damages to physical property, including homes, automobiles, boats, and personal belongings, while casualty insurance covers liability claims that may arise from injuries or damages to others.
In Florida, P&C insurance is regulated by the Florida Office of Insurance Regulation (OIR).
This agency is responsible for ensuring that insurance companies operating in Florida comply with state laws and regulations, and that they are financially stable and able to pay claims.
Some common types of Florida P&C insurance include:
- Homeowners insurance: This provides coverage for damage or loss to a home and its contents, as well as liability protection in case someone is injured on the property.
- Flood insurance: This provides coverage for damage or loss caused by flooding, which is not typically covered by standard homeowners insurance policies.
- Automobile insurance: This provides coverage for damage or loss to a vehicle, as well as liability protection in case of an accident.
- Business insurance: This provides coverage for property damage or loss, liability claims, and business interruption losses for commercial properties and businesses.
It’s important to note that insurance coverage and premiums can vary widely depending on the specific policy, coverage limits, and other factors such as the location and age of the insured property, driving record, and credit history. It’s important to carefully review and compare insurance policies and rates before making a decision.