Am I insured against asteroids, meteors and falling satellites?

Asteroid debris has been known to strike the planet, posing a 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 likely be financially protected by insurance.

Falling objects—including satellites, asteroids, meteors and space debris—are covered under standard homeowners and business insurance policies. These would cover the damage that the falling object causes to the structure of the home or business, as well as to property or belongings that are also damaged or destroyed as a result.

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 cover medical expenses or related lawsuits.

In the event that space debris were to strike a person, medical expenses for his or her injuries would be paid for under health insurance and, in the tragic event of a death, existing life insurance policies would be activated.

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