Business & Tech

Does your Insurance Cover Asteroids?

If an asteroid, missile or satellite falls from the sky, many standard policies will cover repairs.

With Friday's meteorite strike in southern Russia and the impending Asteroid fly-by, insurance companies are fielding plenty of calls from property owners wo are curious if their policies cover falling celestial objects.

State Farm Insurance has issued the following guidelines. It's important to check with your provider, since policies often differ based on the provider.

IF YOU HOME OR BUSINESS IS DAMAGED BY AN ASTEROID

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  • According to the verbiage in State Farm’s insurance policies, space debris is classified as “falling objects” and is typically covered under a standard homeowner policy.
  • Under a State Farm homeowner policy damage to a building by falling pieces of space debris satellite would be covered by Homeowners and Business-owners policies.  
  • Under the Homeowners Policy, it is covered as an accidental direct physical loss that is not otherwise excluded.  Our Losses Insured section mentions both “Falling Objects” and “Aircraft”, which includes self-propelled missiles (meteors) and spacecraft.

(Damage to property inside the building would be covered if the falling debris first damages and penetrates the building roof or walls, then damages the property on the inside.)   

IF YOUR AUTOMOBILE IS DAMAGED BY AN ASTEROID

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  • Under the Auto Policy, missiles or falling objects would typically be covered under Comprehensive Coverage.  Comprehensive coverage includes losses due to missiles, falling objects, windstorm, hail, fire, explosion, earthquake, water, theft, vandalism, riot, or being hit by a bird or animal.
  • Falling objects are NOT covered by Collision Coverage. Collision covers the cost, minus the deductible, to repair your car after you collided with another car, an object such as a fence, or if you hit a deep pothole and caused damage to your car.
  • Some drivers with a car that has been paid-off or if it is an older car will drop Comprehensive and Collision Coverage. If a satellite chunk does hit your car and you don’t have comprehensive coverage, repairs will need to be paid out of the owners pocket.


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