Does Homeowners Insurance Cover Asteroids Crashing into Your Home?
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Your home is your most important possession. It's natural to sometimes worry about its upkeep, as well as what might happen if something truly unusual damaged it—even things that are not from this planet. So, for example, what if an asteroid hits your home? Would your insurance cover the damages? Here's what you need to know.
Would My Homeowners Insurance Cover an Asteroid Hitting My House?
Before we dig into the policy specifics, let's get a little scientific. Asteroids are rocky objects much smaller than the sun that orbit the planets; whenever an asteroid breaks into the earth's atmosphere, it becomes a meteoroid (a.k.a. shooting stars). Whenever a part of that meteoroid survives the fiery passage and lands on earth, it becomes a meteorite. So, technically, an asteroid can't hit your home. However, in the case that a piece of asteroid (a.k.a. a meteorite) hits your home, would your insurance company come to the rescue? The answer is most likely yes.
While insurance companies tend to be quite specific when it comes to covered perils, standard homeowners insurance policies include "falling objects" as a covered peril. This line item includes any falling object, from trees to construction debris to things falling from space.
Are There Any Exceptions?
One thing your insurance company may require for coverage is a direct hit. Meaning whatever object causes the damage (whether it is a meteorite or a tree) will need to come in direct contact with your home, whether it is by hitting the roof or maybe a window.
How Do You File a Claim for Fallen Object Damage?
The process shouldn't be any different than filing a claim for any other reason. Taking pictures always helps the insurance company assess damages and amp up the process; this can also help you ensure you will get the appropriate coverage for the damages.
If you have any specific questions about how to file a claim, contact your insurance company or agent, and they should be able to guide you through the process.
Would a Claim Make My Premiums Go Up?
It is normal for premiums to go slightly up after filing any claim; however, the difference between the old rate and the new rate shouldn't be too high and, when compared to the expenses caused by a peril, it is often more favorable. Another thing to know is that these are not permanent increments; after some passage of time without filing any other claims, your insurance premium should go back down.
You can always help the premium rate go down by making safety and security improvements to your house, seeing as many insurance companies offer discounts for these types of renovations. These modifications often include things like: reinforcing doors, installing a security system, renovating your roof, and adding storm shutters.
And, while the initial costs of these may raise your expenses in the beginning, the long-term investment will most likely bring savings down the line.
Should This Be Something You Need to Worry About?
No. While there have been some cases in which odd falling objects have hit homes, these are extremely rare occasions.
While it is always good to know the extent and the limitations of your coverage, experts recommend you don't get too caught up in hypothetical scenarios that might not happen and instead focus on proactively protecting your home against more likely perils like storms, hurricanes, or even fires.