Tuesday, February 19 2013
After a meteor struck western Siberia and more meteors threatened the entire globe on Friday, CNNMoney asked the question: Who pays for damage to a home if hit by a space object?
Rest easy, “your insurance covers falling objects," says Robert Hartwig, president of the Insurance Information Institute. In the rare events when meteors have crashed through home owners’ roofs over the years, insurers have paid the damage for those insured, Hartwig says.
“Blue ice” — the frozen sewage that sometimes falls from airplanes — is more common and is also covered if it falls from the sky onto your home, Hartwig told CNNMoney.
A remnant of a meteor struck in the Urals region of western Siberia Friday injuring more than 700 people and damaging nearly 300 buildings. It was referred to as a “once-in-a-century” event.
"The earth is pelted with 40 tons of space debris a year," says Laurie Leshin, a former NASA scientist. "Most of that is in teeny dust particles" and rarely does it injure people or damage property.
Source: “Who Pays for Damage From a Meteor?” CNNMoney (Feb. 15, 2013)
Monday, May 16 2011
Today, I was reading an article in USA Today about homeowners that lost a court case contesting the policy language of their homeowner’s policy about storm surge/flood waters regarding the devastation from Hurricane Katrina. The judge upheld the ruling that the policy language is clear about not covering damages caused by storm surge or flood waters whether it is caused by actual flooding or wind. Obviously, none of these people had flood insurance, because they believed they would never need it. It’s a tragic story, because now we’ll definitely be seeing the true fallout of the Katrina damages when foreclosures and bankrupties sky-rocket in New Orleans. I am a property claims adjuster, so this article was very interesting to me, and it got me thinking about what types of insurance all adults should have no matter what phase of their lives they are in. Here are my top four types of insurance that every human being should buy in order to maintain financial stability.
Some of you may say, “Hey Erik, you left out life insurance”. Well, I left out life insurance for the reason that not all people need life insurance in all phases of their lives. A young couple with no childrem whom both work and make comparable salaries or a retired couple with a large nest egg do not necessarily need life insurance policies. Life insurance policies should act to insure that your dependents are taken care of if you die tomorrow. If your wife makes more money than you or you do not have kids/your kids are grown-ups, then paying for life insurance is a waste. The four listed above are all insurances that are indispensible and everyone, no matter what phase of life you are in, should be mindful of owning these four types of insurances.