Is your home insured against these oddball threats?

You say there’s no need to worry about your homeowner’s insurance. What could happen? Fire? Theft? Broken water heater? It's not uncommon to feel secure in the knowledge that your insurance company has you completely covered.

But what about these odd but possible disasters?  We bet you’re not covered for at least some of these, all of which have happened recently in the United States!

Before you start losing sleep, you can help yourself by first finding out what kind of policy you have. If you don’t want to figure it out on your own by deciphering a ream of small type in your policy disclosure statement, just call your agent. He gets paid for this kind of stuff. Ask if you have an "open perils" or "named perils" policy. Most homeowners' policies cover a dwelling as an "open perils" contract, sometimes referred to as "named exclusions." This means that anything not specifically excluded by your policy is covered. The “named perils” policy is the opposite: Nothing is covered except what the policy specifically lists as covered.

Even so, there are a lot of different policies out there and a lot of methods that insurance companies use to limit their liability while sounding reassuring. As long as you have your insurance agent on the phone, ask him about some of these “God forbid” occurrences.

Flood damage is one of the most commonly uncovered items in most home owners’ insurance policies. Even in flood plains, where rising waters happens more often than other areas, you are seldom, if ever, automatically covered. This applies to surface waters from heavy rains; sewer and drain problems; overflowing lakes or streams; wind or driven water, and surges (which is also the most common claim for damage to boats at dockage); underground water and springs; and pretty much anything beyond leaving on the bathtub faucet. Most agents can write flood insurance, but it is underwritten by the federal government and provided in policies separate from your homeowners insurance. Contact the National Flood Insurance Program website at FloodSmart.gov.

Earthquake insurance is one of those “You either need it or you don’t kind of things.” Check to see if you live on or near a fault line. We were quite shocked to find that a fault line runs through our county, and is named after our area: the Ramapo Fault Line here in New York. Coverage depends on your location and how frequently and violently the temblors occur. We haven’t felt anything in the ten years or so we’ve been living near it. But in geological terms, that’s like saying we haven’t heard anything ridiculous out of Charlie Sheen since breakfast. It also depends on the type of home construction you have (brick, sticks or straw) and its value. This coverage is more expensive than flood insurance because it’s not subsidized by the feds.

Estimates state that only 20 percent of people who live in earthquake-prone areas actually have earthquake coverage. That would not be us.

Landslides are usually not covered, even for policies endorsed with earthquake coverage. Ask your agent for a special 'DIC' policy known as 'differences in conditions' coverage."

So now we’re getting a bit arcane, but we’re going to talk about mine subsidence. For the record, this actually happened twice in one town. In 2008, for the second time in thirty years, residents of Drifton, PA awoke to discover two homes partially swallowed up by abandoned coal mines beneath the soil which had collapsed. The village sits atop known old coal mines, so after the second time around, folks must have been getting pretty used to it.  Mine subsidence insurance must be obtained through a special program run by the state, at about $250 per year. In the Drifton example, one of the properties had this insurance; their neighbor did not. My property does not carry this coverage because I don’t choose to live in Pennsylvania.

In Florida, California and other states known for their underground salt-dome “sinkholes,” insurance is available in case the earth again swallows you up. (It’s interesting that insurance companies make a distinction between mine subsidence and sinkholes. Same thing, just a different reason. It’s like having different coverage for being shot by a .38 or a .45 caliber pistol.) This may or may not be covered, depending upon whether your insurance company lumps it in with the general category of "earth movement," so again, check with your agent about this risk. (Call his cell at dinner time or really late at night and see what happens!)

Going one step past arcane; if the thought of your home being leveled by a meteor or wayward space station keeps you awake at night, fret not. All is well, as long as you aren’t personally injured. Surprisingly, you’re probably covered by your current insurance.  See! Not everything in this story is off your policy!

Even more encouraging is the fact that property hit by falling meteorites or other objects from outer space are instantly quite collectible, and meteorite aficionados will pay top dollar for your damaged roof fascia or the fender of that rusting ‘67 Oldsmobile in the back yard that was hit by a boulder from the Van Allen Belt. In 1984, a homeowner in Georgia sold an ordinary country mailbox that was struck by a meteorite to a collector. He received over $80,000 for his punctured postal property. Let the heavens rain forth!

Animal threats are always possible, particularly if you live in the country or have pets. Some unusual pets might make it tougher for you to get inexpensive coverage, especially those breeds of dogs known to be aggressive. (We know who you are, now don’t we!)

In rural areas especially, there is actually coverage available for stampeding animal damage. As long as you don’t own the animals that have overrun your begonias and threaten to bash in the three season porch, you’re probably covered. Some policies do, however, distinguish between "domestic" animals and wild animals. So while you're OK if the neighbor’s herd of Texas long-horned cattle stampedes your high ranch, you might have a problem if your abnormally aggressive litter of kittens gets into the Red Bull and trashes the recreation room.

No generally written insurance policies cover everything that can happen. Depending on your location and the conditions of your property, it might be a good idea to consider looking into additional coverage, just in case.

And pray for that meteorite to hit your mailbox.

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