Many of our Real Estate clients have had loss prevention visits from their insurance carriers recently, especially those clients with portfolios that include older apartment buildings. As a result, the visiting risk control engineers have recommended that the properties request a licensed electrician to investigate and submit a report regarding the adequacy of the building’s electrical system. This recommendation drew a great deal of concern from several of our clients regarding what an electrician might find and the potential costs that could ensure.
Buildings that were built decades ago only took into account the electrical needs during that time. These electrical systems are often inadequate for current needs, as our society becomes increasingly “plugged in” and dependent on technology. The electrical systems in older residential buildings must be regularly monitored in order to minimize the risk of fire. In fact, 25% of all recorded fires in the United States are determined to be electrical in origin, with almost 50% of those electrical fires resulting from poor or insufficient maintenance.
For buildings more than 50 years old, especially those with fuse based or aluminum wire electrical systems, regular inspection and maintenance is the best way to prevent fires other than replacing the system entirely with modern equipment. The Insurance Journal’s article “Building Updates: Aging Electrical Systems” provides a great perspective regarding the value of preventive maintenance for older buildings.
To learn more about inspecting and maintain your building’s electrical system, please join us for our upcoming webinar:
Wednesday, March 30, 2016 | 3:00 p.m. | Click here to learn more and register.