Sinkholes are not the only danger that gets people’s attention. In 2013, a 10-ton meteor that exploded over the Ural Mountain region of Russia, causing injuries and millions in property damage.

While incidents of damage from space debris in the US are rare—only about 50 meteorites reach Earth’s surface each year, mostly in unoccupied areas—they do occur. For example, in 2007, a golf ball–size iron meteorite crashed through the roof of a house in Freehold Township, New Jersey.

The good news is that it’s likely you already have protection. A standard homeowner’s insurance policy typically has an “open peril” clause, which covers damage to your home and its contents caused by falling objects. These objects include everything from tree limbs and airplane parts to meteorites, missiles, satellites and spacecraft.

Unfortunately, there is a catch. Guaranteed coverage applies only if the meteorite directly hits your house. If it strikes a mile away and the resulting vibrations break all your china or a sonic boom blows out your windows, the insurer will likely refuse to cover the damage, although in cases where a meteorite causes widespread damage over a large area, you may be able to succeed in appealing the decision.

If a meteorite damages your car, directly or indirectly, coverage is clear. You are protected as long as you bought the optional comprehensive portion of your auto insurance policy.

Finally, keep in mind that there might be another way to offset financial damage caused by space debris. Depending on the size and material in meteorites, they can be worth anywhere from hundreds to thousands of dollars. If one lands on your property, you can sell it.

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