Does Homeowners Insurance Cover Electrical Panel Replacement? (2023)

Standard homeowners insurance covers electrical panel replacement if it gets damaged by unforeseen perils such as fires, tornadoes or even hailstorms. Buying home insurance protects your home and your family.

Your policy safeguards the electrical panels within your home. But, as a homeowner, you need to check if your circuit breakers are regularly maintained. If your panel is more than 20 years old, consult your electrician and check if it needs to be upgraded. As long as your electrical panel is up to the latest electric code, you’ll be covered by homeowners insurance.

There might be noticeable signs when you need to replace your circuit breaker. When it trips too often, the electrical panel becomes more susceptible to power surges. As a result, you’ll need to replace it. If you fail to upgrade your panel, this may lead to damage.

Your homeowner's insurance may cover damages to the electrical panels caused by fire, windstorm damage or storm. You should be covered as long as these perils cause the damage.

Take note that these covered situations have limitations. For example, your homeowners insurance policy won’t cover damages to your electrical panels if they weren’t regularly maintained.

There are other instances wherein your electrical panel replacement won’t be covered by your homeowners insurance. These include predictable events, such as living in easily flooded areas, near fault lines and poor maintenance of your electrical panels. If you’re aware of the perils around you that may affect your panels, you can help avoid potential issues.

Buying insurance is one of the best ways to protect yourself and your home from unexpected expenses. However, maintaining your circuit breakers regularly is the best way to protect yourself from damage. MoneyGeek shares preventive measures that you can use to safeguard your property from any electrical issues.

You can purchase homeowners insurance from most major insurance providers such as State Farm, GEICO or Progressive. Several smaller insurance companies, such as Lemonade or Hippo, also offer homeowners insurance. MoneyGeek recommends shopping around for home insurance to find the best option for your needs.

People in the U.S. usually pay $175 per month for homeowners insurance. But, your actual rate can vary. MoneyGeek’s personal property calculator to help you figure out how much you could pay for a policy.