Meteor falling to Earth
Space debris is classified as “falling objects” and are typically covered under a standard homeowner policy.
Under a State Farm homeowner policy damage to a building would be covered by Homeowners and Business-owners policies. Under the Homeowners Policy, it is covered as an accidental direct physical loss that is not otherwise excluded. Damage to property inside the building would be covered if the falling debris first damages and penetrates the building roof or walls, then damages the property on the inside.
Under the Auto Policy, missiles or falling objects would be covered under Comprehensive Coverage. Comprehensive coverage includes losses due to missiles, falling objects, windstorm, hail, fire, explosion, earthquake, water, theft, vandalism, riot, or being hit by a bird or animal.
Falling objects are NOT covered by Collision Coverage. Collision covers the cost, minus the deductible, to repair your car after you collided with another car, an object such as a fence, or if you hit a deep pothole and caused damage to your car.
Some drivers with a car that has been paid-off or if it is an older car will drop Comprehensive and Collision Coverage. If a satellite chunk does hit your car and you don’t have comprehensive coverage, repairs will need to be paid out of the owners pocket.