When it comes to home insurance rates, every little step taken to keep them down is worth the effort. If you're looking for another break on monthly expenses, you should get in touch with your local electrician. You could be living in a home full of potential deductions, and updating your electrical system is one of the best ways to impact your overall home insurance premium. Dig into the guide below for a better idea of how it works so you can start saving today.

Lower Insurance Rates With an Updated Electrical System

What Electrical Components Should I Update?

Think about whether or not you could be doing more to protect your home. Insurance companies tend to favor those with an abundance of preventative measures, and the addition of a security system could knock as much as 20 percent off your monthly premium. The same can be said for updating specific systems throughout the home, including electrical, plumbing, and heating. Older homes in particular may contain many outdated electrical components, from the wiring itself to the breaker panels designed to protect your home from issues like electrical fires.

How Does This Impact Insurance Rates?

Much like the addition of security features, updating your electrical system will improve overall safety at home. How that impacts your rates will depend on your insurance company, but it's always a good idea to improve an outdated system. In some cases, these improvements may even be mandatory. If you have a Federal Pacific brand breaker panel, for instance, your insurance provider may call for a replacement. While yours could end up operating for years without any issues, some of the breakers have been known to malfunction, failing to trip and putting homeowners at risk of personal injury or electrical fire.

The Consumer Product Safety Commission found significant failure rates in these breakers during the product testing process, leaving the units unable to reliably perform their primary safety function. Even if you don't have a Federal Pacific breaker panel in your home, though, hire a residential electrical contractor for a thorough system inspection. The sooner you confirm or improve the safety of your setup, the sooner you'll be able to work on adjusting your insurance rates to reflect it.

 

Updating your home is a breeze with the right electrician on your team. Residents and businesses throughout Mansfield, CT — including Vernon, Tolland, Windham, and surrounding areas — have trusted in the professionals at Patnode Electric of Willington, CT, since 1988. Their team will thoroughly assess your system and determine which upgrades are suitable for your budget and your needs. Head to their website for more on their residential and commercial services, and call them at (860) 429-3574 to schedule an appointment today.