What You Need to Know About Electrical Wiring & Your Homeowners Insurance
One of the responsibilities that comes with being a homeowner is making sure that you have the insurance coverage needed to protect yourself. Yet, not enough people take the time to learn about things that they could do to help lower their premiums.
So while it may cost money to have a security system, for instance, it will save you some on the premiums, while helping to better protect your home and loved ones. Simply put, there are changes that can be made and even though they usually require an upfront financial investment, these steps safeguard your home, while reducing your cost for coverage. One of the big factors that plays a role in safety of your household is your electrical system.
Aluminum, Knob & Tube Wiring and More
When you are trying to acquire a homeowners insurance policy for your North Alabama home, you will be asked a lot of questions, as to be expected. One of those questions will be about the age of the home, which will then lead to the questions about different components of the house, especially the electrical system.
Obviously, the older the the wiring in the home, the higher the risk for fire is perceived. If you are buying an older home, you should plan on updating the electrical system for safety reasons, anyway.
When it comes to houses that are 40 years or older, there seems to be a correlation between the electrical systems and the potential hazard for fires. The three main reasons cited for this include misuse and abuse of existing system, installation work that is not up to code and the effects of the aging process.
Both knob and tube wiring and aluminum wiring are earlier forms of residential systems that are now considered outdated. Aside from the potential for a safety risk, neither system maintain the capacity to meet modern day supply. Simply put, they have definite limitations.
Due to these limitations, some insurance carriers will not even provide coverage. Those that do, often charge exuberant rates which homeowners are often willing to pay, just to have coverage.
Knob and tube wiring is commonly found in homes built prior to 1930. This system can cause problems for a number of reasons, such as the cloth covered wiring and the likelihood of wires coming loose.
Aluminum wiring was most frequently used in homes constructed between 1965 and 1973, during a time when copper prices spiked. According to statistics, homes with aluminum wiring are as much as 55 times more likely to have a fire hazard, due to connectivity issues. Over time, the natural deterioration of this system increases the risk of threat.
Time to Make Choices
The bottom line is that, aside from insurance premium costs, you should be concerned about the safety and well-being of yourself and your loved ones. Updating your home with an electrical overhaul is a good way to so this, and MPE Services is the team to count on to get it done. Enhance your electrical household safety, lower the cost of your homeowners insurance and have peace of mind knowing that you have made the right decision.