Does My Homeowners Insurance policy cover the replacement of an electrical panel? An electrical panel also referred to as a circuit breaker helps to protect your home’s wiring. Upgrades and proper maintenance of your home’s electrical system can protect you and your family in case of a disaster.
Your electrical panel replacement suddenly gets damaged and you are wondering if your Homeowners insurance policies cover it. Well, you are welcome to the right article. This article is everything you need to know about electrical panel replacement and your homeowner’s insurance.
When does my Homeowners insurance cover Electrical Panel Replacement?
Just so you know, your standard Homeowners insurance policy will cover electrical panel replacement if it gets damaged by sudden perils like lightning, fire, explosion, Smoke, Hail, windstorm, theft, and another covered events.
In certain cases, your electrical panel may be covered by flood water damage if you have an additional flood insurance policy. Generally, you will be covered as long as these perils cause the damage.
However, you need to know that these covered situations have limitations. For instance, the insurance won’t cover damages to your electrical panels if you don’t maintain them regularly. Check your policy well or call your insurer to know the coverage limits and eligibility for coverage situations.
When does Homeowners insurance not cover Electrical panel replacement?
Just like I have mentioned above, if you fail to maintain your electric system, the insurance won’t cover the replacements if it gets damaged. It won’t be covered if the damage is a result of poor installation or faulty wiring. Also, it won’t cover predictable events like living in easily flooded areas.
Keep in mind that homeowners with very old homes may need to perform upgrades to be eligible for coverage. And the reason is that many old homes feature aluminum wiring and knob and tube. These electrical wiring methods are well-known in homes built before 1980. But they are now considered a major hazard with increased risk of fire cases.
How can I prevent Electrical Panel Replacement?
Purchasing Insurance is one of the best ways to protect your home and your family from unforeseen expenses. However, maintaining your circuit breakers every time is the best way to protect yourself, your home, and your family from damage. Here are some preventive measures to protect your property from electrical problems.
- Maintaining your circuit breakers helps to protect you from any unexpected events that may bring damage to your home
- Ensure that the panels are not older than 20 years and are up to date
- When you are done working, ensure that there is no electricity running. This helps to avoid overloading your circuit breakers.
- Make sure that you are using the right amount of power. Avoid using very high-voltage equipment in low-power outlets.
- Avoid unprotected power strips, especially during lightning strikes or storms. Connect your very sensitive electronic devices to surge devices to prevent intense electricity bursts
Make use of the above preventive measures and protect yourself and your properties from electrical damage. Electrical systems provide enough power to run everything in your home, from refrigerator to lighting and microwave to alarm and many more.
Having a well-maintained circuit breaker can help your home run efficiently and safely. You can hire an inspector to inspect your home wiring yourself. To ensure that everything is up to date and working in order.
Where can I purchase Homeowners Insurance?
Just like I have mentioned above, having enough home insurance is one of the best ways to protect you and your home. Keep in mind that coverage of electrical systems can often vary between insurance providers. The state of your home can play a huge role in what is included in your standard Homeowners insurance policy.
In certain cases, you may need to purchase extra coverage to ensure that your home is protected properly. Determine your budget and needs and shop around for the best insurance coverage rates.
Some of the insurance providers you can compare quotes from include; Lemonade, State Farm, Geico, Progressive, and Hippo. Shopping around will help you to find the best options that suit your needs, home, and budget.
