Astronomical event coverage

Astronomical event coverage is a specialized insurance endorsement that protects policyholders from losses caused by rare space-related phenomena, such as meteorite impacts or solar flares. Most standard homeowners policies exclude astronomical events like asteroid strikes, so insurers offer endorsements for risks including meteor damage and satellite debris, based on a report from YourInsurance.info.

Insurers calculate premiums for astronomical event coverage using actuarial data on historical incidents; for example, NASA recorded 822 significant meteorite falls worldwide since 1900. Typical covered perils include property damage from falling space objects, with exclusions often applying to gradual cosmic radiation effects.

Some carriers set sub-limits for astronomical event claims; for instance, $10,000 maximum payout per incident is common in specialty lines. Policyholders must provide proof of loss directly linked to the astronomical event–such as lab analysis confirming meteoritic origin–to qualify for payment.

Deductibles under this coverage usually range from $500 to $2,500 per claim depending on insurer guidelines. Notable providers offering such endorsements include Lloyd’s of London and American International Group (AIG), both citing increased inquiries after high-profile events like the 2013 Chelyabinsk meteor explosion in Russia.