Refers to property and casualty insurance products designed for and purchased by individuals to protect what they own. Personal lines insurance is generally divided into five categories, including automobile, homeowners, accident and health, general liability and financial or pecuniary loss.
These types of individual coverage are usually purchased separately under their own plan, though buying more than one kind of policy from the same agent or company generally carries a multi-policy discount.
Compared to commercial or business lines of insurance, personal lines aren’t as profitable for insurance agents because they’re considered riskier. But merged together, risk becomes more equalized, making personal lines of insurance more insurable.