Tips For Home Buyers: Your Electrical Panel Matters

Are you a home buyer? Florida has many beautiful older homes in desirable neighborhoods. When considering buying one of these wonderful homes it is important to get your insurance agent involved right away. This is due to the fact that older homes also have many aging features that can actually create challenges when it comes to obtaining affordable homeowners insurance.

You might be looking at the unique and charming features of your dream home, but there could be problems lurking that only a 4-point inspection can reveal. These inspections become more important when you are considering the purchase of an older home.

One feature to take note of is the electrical panel (load center, service panel or breaker box). This is a steel box that distributes power throughout your home.

Tip for Home Buyers

There are many companies that have made electrical panels over the last few decades. Some of these companies have earned better reputations than others. For example, millions of homes built between the 1950’s and 1980’s have a Federal Pacific electrical panel. As the years have gone by, many electricians, home inspectors and insurance carriers have found many of these panels to be faulty.

The risk is that these electrical panels may overheat and start fires. In fact, these panels became notorious, and now, most insurance companies will not insure a home that contains one of these Federal Pacific panels.

Therefore, most of these panels have had to be replaced before an insurance carrier will provide coverage.

Tip: Before replacing your electrical panel, in is best to check with your Erb and Young Insurance Agent and your utility company to be sure you select a panel that conforms to code and insurance requirements.

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