What is the difference between property/casualty insurance and title insurance?
Property/casualty insurance protects the property owner against future events which might adversely affect the value of his or her property, such as fires, floods, etc. It is written for a fixed term for which the company receives a stated premium. At the end of this period, premiums may increase or decrease in line with the companys loss experience. A title insurance policy, on the other hand, is or can be perpetual as to term. Only one initial premium is charged for the risks that are assumed and carried over the years.
