Is damage from meteors covered by home insurance? Know More-
The likelihood of a meteor crashing into your home is extremely remote—some experts estimate it to be 1 in 3.9 trillion—and much lower than the likelihood of one lottery ticket winning the Powerball jackpot.
According to local police and astronomy experts, a small, stony chondrite meteor that is extremely uncommon made it through a journey through the Earth’s atmosphere on Monday and broke through the roof of a home in the New Jersey town of Hopewell.
This raises the question of whether homeowner insurance policies generally cover the cost of damage caused by meteors, asteroids, or other kinds of space debris that happen to fall from the sky and strike your home.
The answer is probably yes, according to several insurance industry experts.
Gary La Spisa, vice president of the Insurance Council of New Jersey, told some media outlets that “it seems that a falling object, such as a meteor or falling satellite, would typically be covered by a standard homeowners or business property insurance policy.”
Of course, he added, “It is always important to read your policy and become familiar with any exclusions that your policy may have.
The Insurance Alliance of Michigan informed some news outlets that falling objects, such as asteroids, meteors, and satellites, are probably covered under typical homeowners and business insurance policies after a bright fireball was spotted streaking across the sky in Michigan in January 2018.
According to a few news sources, “there is coverage for the damage the falling object causes to the structure of the home or business, as well as to property or belongings damaged inside the building.”
In Michigan, meteors might not be a risk that people consider frequently, according to Pete Kuhnmuench, IAM executive director. Fortunately, though, homeowner’s insurance policies would pay for any damage caused by a meteor or its fragments.
Similar to earthly things, like trees, that may fall onto your house during bad weather, InsuranceHub.com, an insurance website, agrees that objects falling from space are typically covered by home insurance policies.
The website states in this post, “The answer is yes, typically you should be covered for that rogue asteroid.” “That’s because falling objects are frequently covered by home insurance. And if an asteroid collides with Earth, it is technically a falling object.
It was impossible to reach Suzy Kop, the owner of the house in the Titusville neighborhood of Hopewell that was struck by the tiny meteor early on Monday afternoon, to ask if her home insurance would cover the damage or how much the repairs would cost.
According to the Hopewell Township Police Department, the space rock, which was about 6 inches by 4 inches, tore a hole in the roof of her home before crashing through the ceiling and hitting the hardwood floor.
The rock reportedly ricocheted from the floor to the ceiling, then back down to the floor, according to numerous news outlets in Philadelphia. There were no reported injuries.
It’s unusual for a meteorite—the scientific name for a meteor that lands on Earth—to fall in a populated area, according to astronomy expert Chris Bakley of South Jersey.
The majority of meteorites typically fall there because the oceans cover the majority of the planet, according to Bakley. “That’s not to say they don’t frequently fall on populated areas. Every year, more than 17,000 meteorites hit the planet. Just that they can be difficult to distinguish from common Earth materials when found in remote or confined areas.
The Hopewell meteor incident “excites the science community,” according to Bakley, “because when they impact through a building like this, it’s easier to identify and confirm that it undeniably came from the sky.”
According to him, it wouldn’t be unexpected if additional fragments of the stony meteorite ended up “lodged and scattered in the roof and ceiling of the impacted house.”
In essence, meteors are space rocks. Some of them are minute bits of rock and dust left over from comets, while others are pieces of asteroids or planets.
In conclusion, it’s crucial to understand that not all insurance companies will pay out if a meteor damages your house and causes damage. It is best to check with your provider in advance to ensure that you are adequately covered in the event that something similar occurs. Even though they are uncommon, occurrences like these can serve as a reminder of the necessity of being ready for any unforeseen events that may arise in life.