Good new for homeowners: Your insurance probably covers meteor strikes

If you've even glanced at the fine print in a typical homeowners insurance policy, you might have seen reference to damage-causing events that would seem to be, well, out of this world. Events Friday in Russia prompt the now-real question: Does your policy cover meteor strikes?

"Insurance companies love to cover things that are unlikely to happen," Bill Wilson, associate vice president of education and research with the Independent Insurance Agents & Brokers of America, said in an e-mail. "Yes, most homeowners and commercial-property policies cover meteor strikes."

Wilson explained that most policies are written on an "open perils" basis and cover damage to buildings caused by events not specifically excluded. Others are written on a "named perils" basis, which is the reverse, covering only things specifically mentioned. Often, those policies cover damage from objects from the sky.

Terry Tracy, executive vice president at insurance-brokerage firm Conner Strong & Buckelew, said commercial-property policies often provide coverage on an "all risk" or "special cause of loss basis," meaning coverage for loss from any cause except those specifically excluded. (Conner Strong executive chairman George E. Norcross III and chairman Joseph E. Buckelew are among the partners in the company that owns The Inquirer.)

"We do not typically see exclusions on this type of policy for such items as a meteor strike," Tracy said.

Either way, read the tiny type.