Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The key word to remember in connection with a homeowner’s policy is damage. The policy is not designed to correct deficiencies or pay for routine maintenance. Wiring does have a special place in a homeowner’s policy in that when there has been damage from a covered source the work of restoring the property might include changes in the wiring and plumbing to meet the requirements of the current building code. Additional coverage to pay for that expense can be added to your homeowner’s policy.
Founder, City Building Owners Insurance, Somers, NY
As David mentioned, your homeowner's policy will not pay for routine maintenance of electrical wiring. However, if the wiring caused a fire, which resulted in property damage, then your policy should cover the cost of repairing the damage (subject to your deductible).
For older buildings, we typically recommend an add-on known as ordinance or law coverage. If building codes have changed since the installation of your electrical system, for instance, this coverage will provide additional funds to bring the wiring in compliance with current codes. Otherwise, as the homeowner, you would need to pay for the system upgrade; a standard policy would only restore the system to its previous, outdated state.
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For older buildings, we typically recommend an add-on known as ordinance or law coverage. If building codes have changed since the installation of your electrical system, for instance, this coverage will provide additional funds to bring the wiring in compliance with current codes. Otherwise, as the homeowner, you would need to pay for the system upgrade; a standard policy would only restore the system to its previous, outdated state.