Feb 15, 2013 saw an asteroid hitting the Earth with the debris striking parts of Russia and posing risks to lives and personal properties in the area.
Does that make you sit up and consider what’s going to happen if you’re subject to the next celestial grudge?
Though such situations are very rare, there’s nothing to lose your sleep about. The standard insurance policies offer coverage for damages to your home, car or property, if ever you’re hit by asteroids, meteors, falling satellites and other similar space junks. The Insurance Information Institute affirms that an individual can seek financial compensation for the damages in case the celestial debris crash into his home.
Home insurance
Standard home owner’s policies classify the descending meteorites or similar space debris as ‘falling objects’. The falling objects are usually included as a part of the named perils, and the insurers offer financial compensation for the building structure and the personal property damages. However, the damages to personal property and home contents are only covered when the ‘falling object’ crashes directly into your home through the roof or wall. As Michael Barry points out, “It’s got to be a direct hit. It can’t be something that happened down the block.” The business insurance policies also treat damages by meteorites and other celestial objects in a similar way.Auto insurance
If your vehicle is hit by a meteor or an asteroid, that won’t be covered by collision coverage of your auto insurance policy. Only comprehensive coverage under an auto insurance policy offers financial compensation for such damages. However, since comprehensive coverage is optional, if you don’t have it, you can’t expect your insurer to pay for the damages. The liability portion of your auto insurance policy will only come into effect if the falling objects result in an auto accident.Health and Life Insurance
It’s extremely unlikely that a meteor or an asteroid will hit you directly. In case it does, the costs of medical treatment and injuries will be covered by your health insurance policy. Life insurance policies also cover the demise of the insured individual in similar occurrences. Being star-struck is alright if it involves celebrities or famous people. Nevertheless, if you’re hit by the celestial bodies or by the so-called ‘falling objects’, it might not be that much of an enjoyable experience, as it sounds.Blog Category