Property insurance and casualty insurance (also known as P&C insurance) are two broad categories of insurance coverage that are included in various insurance policies. In other words, there is no one P&C insurance policy—rather, there are a number of insurance policies that contain both property insurance and casualty insurance.

Property insurance insures against damage to your property—such as your home or your car. Casualty insurance insures against liability if someone claims you are responsible for causing bodily injury to them or their property—often based on your alleged negligence.

Property and casualty insurance are generally bundled together in one insurance policy such as:

• a homeowners insurance policy

• an automobile insurance policy

• a renters insurance policy

• landlord insurance

• condominium (condo) insurance

• powersports insurance (motorcycles, ATVs, RVs, off-road vehicles, boats)

Property and casualty insurance will defend you against such claims and pay settlements and court judgments against you that are covered by your insurance policy—including medical expenses, pain and suffering, and lost income for a person injured by your negligence.

In New Mexico (NM), property and casualty insurance (P&C insurance) is regulated by the New Mexico Office of Superintendent of Insurance (OSI). P&C insurance encompasses a variety of policies that provide coverage for property damage and liability for bodily injury or property damage to others. This includes homeowners, automobile, renters, landlord, condominium, and powersports insurance policies. These policies typically offer protection against specific risks outlined in the agreement, and they may cover the costs of legal defense, settlements, and court judgments up to the limits of the policy. Insurers in NM must comply with state statutes and regulations, which govern the terms of coverage, the rates charged, and the standards for the fair handling of claims. Consumers are protected under NM law, which requires that insurance policies be clear and reasonable, and that insurers act in good faith when processing claims.