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When you think about the chances of having a meteor hit your home the odds are quite slim but what if you were having an inordinately unlucky date and you come home from work to find your home laying as a pile of wood and brick because a meteorite hits your home. Would your insurance company step up to the plate an offer assistance or would you be left to fend for yourself and rebuild your home out of pocket?
The History of Meteorite Collisions with Earth
Throughout history there have been many reporting of meteors hitting earth and causing damage to building and residence. NASA has gone so far as to create a website for extra-terrestrial run-ins called the Near Earth Object Program which reports incidents such as meteorite reports.
Recently a Meteorite landed in a Russian lake in Chelyabinsk Siberia injuring 1200+ people with broken glass from 20,000 windows across 4,000 buildings nearby. This incident was the second most powerful recorded in history for such meteorite collisions.
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Standard Home Owners Insurance Coverage
Most homeowners have home owners insurance however most do not know exactly what is covered with the protection of their policy. It is crucial that every homeowner sit down with their insurance agent and review the coverage in case such incident occur as a meteorite landing in your living room. While this particular example may be over the top unlikely, other more common issues come up that home owners are left in bad financial situations because they assumed they have insurance coverage which their policy did not include.
According to the Insurance Information Institute, a standard homeowners insurance policy includes four essential types of coverage including:
- Coverage for the structure of your home.
- Coverage for your personal belongings.
- Liability protection.
- Additional living expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster.
Standard homeowners insurance coverage may protect against such perils as hurricanes, earthquakes, wildfires, tornadoes and hail however it is unlikely there is a clause regarding meteorites as they are so uncommon. Also it is important to know what is excluded from your policy’s protection. Things such as floods, earthquakes and man made incidents such as nuclear-meltdowns are typically excluded from your policy.
A flood may be common for your area however without flood insurance protection you will be left with water damage and potential mold issues. This may be an additional expense for coverage but if it is likely that it could happen in your lifetime then remember cheaper isn’t always better. The price may come all at once someday when you least expect it!