The Hidden Cost of outdated Electrical Wiring
The New Year is the perfect time to take stock of your Florida homeowner’s insurance. For the average single family home in Broward County, owners should expect to pay around $35.00 per $100,000 of home value. Insurance premiums are calculated using a number of criteria, including:
• Cost to rebuild your home
• Materials used in your home
• Building’s age
• Access to fire hydrants/water
• Area claims history
• Personal claims history
• Risks in your home and yard (dangerous dogs, pools, trampolines, etc.)
If you feel you are paying too much for your premium, the reason could be within your walls. As professional, experienced electricians, we have unfortunately seen firsthand the effect of bad or outdated wiring in homes. From the increased cost of insurance to high deductibles and claim refusals, we know it is more expensive to let your wiring go than update it. Simply put, outdated electrical wiring greatly increases your chances of a fire and this drives up your insurance costs.
Many homes with outdated wiring were grandfathered into their current policies without updates being made. This can reflect in premiums that are much higher than they could be. Many of the older Florida homes still have knob-and-tube wiring (used in historical homes 80+ years old) or aluminum wiring. Aluminum wiring is most common in homes built in or prior to the 1970s but newer homes may also contain it. For these homes, insurance companies can refuse to insure you. They will require an inspection first and will classify you as high risk if the problem is not remediated prior to underwriting the policy.
Weighing Cost vs. Risk
Make no mistake, replacing aluminum wiring is not a cheap process. However when you consider the risks, the cost of ongoing high premiums, rebuilding your home, and most importantly the value of your family’s life, replacing aluminum wiring is vital. Our highly qualified electricians provide low-cost inspections of every aspect of your home’s electrical systems. We will advise you honestly on your home’s needs and will repair or replace faulty and dangerous wiring. The integrity of our work is always guaranteed because your safety is our top concern. Lower insurance rates are just the tip of the iceberg!
If your homeowners insurance company has advised you to remediate the Aluminum wiring, know we are the ones to call.
Custom Electrical Solutions, Inc. is your one-stop source to inspect, repair, and upgrade all electrical wiring. When you need a licensed professional to address your wiring problems, call our fully licensed and insured team at 954-464-5507.
We proudly serve homes and businesses from Hollywood, Pembroke Pines, Miramar, Sunrise, Tamarac and beyond.