- Reduced Risk of Electrical Fires: A modern breaker panel reduces the risk of electrical fires, which can lead to lower insurance premiums ¹.
- Improved Safety: Upgrading your breaker panel ensures compliance with current safety standards, making your home a lower risk for insurance providers.
- Increased Property Value: A new breaker panel can increase your property value, but this may also lead to higher insurance premiums.
Potential Impact on Home Insurance
- Lower Premiums: Insurance companies may offer discounts for homes with modern, safety-compliant electrical systems ¹.
- Changes in Coverage: Upgrading your breaker panel may require adjustments to your insurance coverage, especially if the upgrade increases your property value.
- Compliance with Insurance Requirements: Some insurance providers may require electrical panels to meet specific safety standards or codes.
What to Be Aware of
- Notify Your Insurance Provider: Inform your insurance company about the upgrade to ensure you’re eligible for potential discounts or changes in coverage.
- Choose a Licensed Electrician: Hire a licensed electrician to perform the upgrade to ensure compliance with safety standards and codes ¹.
- Keep Records: Maintain records of the upgrade, including receipts and inspection reports, in case you need to file an insurance claim.
- Review Your Policy: Understand your insurance policy’s terms and conditions regarding electrical panel upgrades and maintenance.
By being aware of these factors, you can ensure a smooth upgrade process and potentially enjoy benefits like lower insurance premiums and increased property value.