Meteor covered by Insurance?

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This past Friday, February 15th, we heard the report that a meteor exploded over Russia, injuring more than 1,000 people and causing significant damage to surrounding buildings. Most of the world was caught up in the hysteria, watching in amazement at the YouTube videos caught by Russian citizens on their “dash cams”.
What do you think agents at Stolly Insurance were talking about? You guessed it: would ‘meteorite damage’ be covered by insurance? The agency emails were abuzz. That qualifies as a ‘falling object’ right? Or, is that considered an Act of God? Certainly it wouldn’t fall under the war exclusion or terrorism—you know, alien attack?

Well, we consulted Claims Journal Online to get to the bottom of this! Turns out Russia isn’t exactly a typical example for how claims pay out (if you watch the dash cam videos, you’ll understand why). But according to Claims Journal, if something similar to this were to happen in a place like the United States, “meteorite damage would generally be covered” under an all-risk insurance policy. An all-risk policy—like most homeowners policies—covers property losses that are not specifically excluded. And the exclusions don’t say anything about meteors.

So rest easy. The next time a 10-ton meteor comes crashing toward earth at 12 miles per second, your agents at Stolly have got you covered!