Forecasts of debris from satellites falling to earth regularly receive attention in the news media but the prospect of asteroid debris striking the planet, which occurred on February 15, 2013, in Russia, poses an equally compelling risk to life and property. While the likelihood of actually getting struck by a satellite, a meteor or an asteroid is extremely rare, the good news is that if one of these falling objects does hit you, your home, your car or your place of business, you would be you are financially protected by insurance.
Falling objects, including satellites, asteroids, meteors and space debris, are covered under standard homeowners and business insurance policies. 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 within the building.
If a satellite, meteor or asteroid falls on your car, coverage is provided under the optional comprehensive portion of an auto insurance policy. And if falling debris causes an auto accident, the liability portion of the policy would come into play.
In the tragic event that space debris were to strike a person, his or her injuries would be covered under health insurance and, in the event of a death, existing life insurance policies would kick in.
So, even when the sky seems to be falling, insurance can provide peace of mind.