In insurance terms, property casualty insurance can also be called property liability insurance. Whatever you call it, what it does is help protect you against financial losses that come as a result of being held legally liable for an accident that causes damage to another person or another person's belongings. It may help you pay for a person's injuries or any legal costs you incur as a result of the person being injured on your property due to your negligence. This kind of insurance comes mostly into play with auto, homeowners and even renters insurance.

Determining if you need property casualty insurance is relatively simple. If you have assets-a retirement account, financial investments or a home in which you have equity-then having property casualty insurance may be a good idea for you. Without it, you could be putting your assets (including any belongings you have that could be sold to pay for a settlement) at risk.

In a world where anything is possible, it's always a good idea to help insure yourself against the chance that something unexpected could happen.
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