Is your home protected from asteroids?

Published: July 30, 2019

Updated: August 1, 2019

Author: Luke Jones

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Lat week, and asteroid narrowly missed the Earth. Had it hit; Asteroid 2019 OK would have been a city killer. Luckily, that didn’t happen, although in cosmic terms the 70,000 kms distance it passed the Earth by is a very close call.

While events like this lead to questions of mortality and even our place in the universe, they also raise some insurance “what if’s”. For example, if a space object enters our atmosphere and lands on your client’s hose, will their home insurance policy pick up the tab?

The answer is likely to be yes because standard home insurance policies include perils of a “falling object which strikes the exterior of a dwelling or detached private structure”.

 “So, an asteroid or satellite would be covered as falling objects for homeowners,” said Steve Kee, director of external communications with the Insurance Bureau of Canada (IBC).

Speaking to Canadian Underwriter, Kee said homes would be covered and vehicles likely would be to if it has optional comprehensive coverage. And commercial property? That is not as clear as coverage does not specify falling objects.