[Wed, May 1, 2013] In a recent (February 2013) and very rare event - a meteor exploded over a city in Russia, injuring hundreds and causing damage to buildings in six nearby cities. Local officials in the city of Chelyabinsk estimated the damage at $32.2 million. Among the major problems – windows and walls destroyed by the shock wave from the blast created when the meteor, which was estimated at 49 feet across, struck.

While it's unlikely your home will be hit by a meteor (I cannot recall a claim ever being filed for meteor damage), this unbelievable cosmic crash brings up the ordinary question, what if?

It is only normal to wonder. But if your home or business is insured, you should know that damage from meteors typically would be covered under most standard policies. For instance, State Farm states that meteorites are indeed covered by most of their insurance policies. The fine print will usually list a wide range of different damage causing perils from "fallen objects", and among them is often a meteorite strike or explosions such as sonic blasts from meteors.

Most policies are written as "open perils", which means that they cover all events not specifically excluded in the language of the contract. Those exclusions are usually referred to as acts of G-D and are events such as floods and earthquakes, or war and insurrection.

Under most homeowner’s policies, meteorites are covered as "falling objects". A commercial property policy typically provides all-risk coverage that covers property damage and resulting time element loss if there is direct physical loss or damage to insured property unless specifically excluded.

Policyholders should read and question the fine print in their individual policies first, but meteorite damage is so rare that it has not been specifically excluded on most policies. Even if your home insurance is ambiguous, a general rule of thumb is that most policies cover damage caused by things that fall out of the sky.

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

Hundreds of smaller meteorites strike the Earth’s surface every year, although only 10 to 20 are detected. Such meteorites usually reach the surface having been burned down by the atmosphere and are too small to cause damage. What can I say, insurance companies love to cover things that are unlikely to happen.

Have questions or comments, please don't hesitate contact me. Stay safe and informed!