Does Homeowners Insurance Cover Meteor Hits?
Does Homeowners Insurance Cover Meteor Hits?
The world watched amazed as photographs and videos of the meteor strike in Siberia filtered into their televisions and tablets. Close to 300 buildings were damaged and more than 500 people were injured in this incident. While these images prompted researchers to peer more closely into their telescopes and carry out some more calculations, the average homeowner in the United States, after getting over his initial bout of amazement, became a worried man. “Can a meteor strike my neighborhood as well?” “Is my house covered for the damages from a meteor hit?” These are some questions that plague him. Thankfully, the insurance companies have rushed in to provide the answers and allay their fears.
The Explosion Category
According to Tully Lehman, the spokesperson for the Insurance Information Network of California, homeowners need not fret because their houses are indeed covered for damages that may be caused by a meteor strike. Although the papers usually do not contains terms and/or phrases that explicitly state coverage from a “meteor strike,” policies do not also exclude coverage for damages from a meteor hit. Most home insurance policies protect a homeowner from the structural damages caused by occurrences like an explosion. Explosions and resultant damages like gas breakage are some of the most common fallouts of a meteor hit.
No Reason to be Stressed Out
Lehman also clarifies that most home insurance policies protect the homeowner from damaged caused by “unlikely” events. For instance, a homeowner can claim compensation if his house is damaged during a volcanic eruption or from a lightning strike. Of course you do not have to worry about any of this if you are vanquished personally by one of these natural phenomena.
Fundamentals
In this context, it is worth mentioning that most home insurance policies are framed on an “open perils” basis and provide coverage for damages caused by incidents that have not been specifically named. Some other home insurance policies are framed on a “named perils” basis, which means that the particular policy extends coverage for damages caused by events specified within the policy terms. These policies cover for damages caused by falling objects. The phrase is almost as all-encompassing since the fundamental insurance premise that protects houses from water damage. This means that your house is covered if (God forbid!) an airplane or debris from one fall or crash and damages the structure of your home.
Unlikely
Although space objects pelt the earth quite often, the incidence of a meteor crashing through the roof of a house is extremely rare. In fact, the recent meteor strike in Siberia has been termed a “once-in-a-century” event by scientists. Your house is probably more likely to be hit by “blue ice,” which is frozen sewage that frequently drops from airplanes. And you are covered for this damage too.
The Waiting Game
So, in a nutshell, because the incidence of anything falling from the sky and damaging your house is quite rare, you are covered for it. After all, insurers are known to provide coverage for incidents that are hardly likely to happen. And do not worry, they will probably be more responsive and quick to react than a federal agency. The residents along the Jersey shore and so on are still waiting for federal assistance after Hurricane Sandy struck.
Checking the Details
Your fears may have been allayed by now. But you can always go over the details of your homeowners insurance policy document and scan the fine print. After all, it never hurts to know more.