Does Homeowners Insurance Cover Electrical Panel Replacement in Colorado?


If you need electrical panel replacement for your home, most homeowners insurance coverages in Colorado will cover you. So long as the cause of the loss is from a peril that is sudden and accidental and covered by your policy.

Standard home insurance policies (HO3s) are there to replace electrical panels for your home just like any other component of its structure. However, if you have breaker boxes that are old and suffering from wear and tear, your carrier won’t accept your claim.

This is because wear and tear of any sort isn’t accepted by home insurance carriers in Colorado. Maintaining your home, and its many components is left to you as the homeowner.

What you’ll need to do is submit your loss through a claim to your home insurance carrier and once it’s accepted, you’ll receive reimbursement for your loss. However, before the process can go through, you’re going to need to cover your deductible.

Your deductible is set between you and your insurance carrier when you sign up and can range from as low as $1,000 to several more. Considering the average cost of fixing a breaker box, covering this portion will still leave you saving thousands of dollars.

Fortunately, having an electrical panel replacement is far from the norm for homes in Colorado, but when it’s needed, it’s serious. Below, we’re looking at the costs of doing so, the risks involved with the process, and how to avoid expensive losses through affordable coverage.


How Much Does It Cost To Replace an Electrical Panel in Colorado?

The average cost to replace electrical panels for homes in Colorado is a wide range. Homeowners may pay as much as $7,000 for electrical panel replacement, according to estimates by Forbes.

When calculating electrical panel replacement cost, you should expect to spend no less than around $1,000. If you need to upgrade, you’ll pay several more. However, even if you’re going to simply replace an existing breaker box without going all out, the costs continue to rise.

Not only are there labor costs but labor is also being affected by inflation. However, when you consider that home insurance in Colorado will help you cover the costs, it’s well worth the investment.

Even if you still have electricity working in your home, not having a properly functioning electrical panel is important for having a safe home. A malfunctioning breaker box can cause fires and the cost of your home’s safety is important.

Remember, you have to cover your deductible, therefore, if your electrical panel replacement cost isn’t higher than what you’ve set, you’ll have to pay out of pocket. However, with rising labor and material costs, this expensive loss continues to be a shining example of the benefits of homeowners insurance coverage.


Can a Homeowner in Colorado Replace Electrical Panels?

In the state of Colorado, homeowners can replace electrical panels. However, before you do so, you’re going to need to be sure that you know how to do so. Not only in an effective matter but a safe one.

350 fatalities per year are related to electricity, according to the Occupational Safety and Health Administration (OSHA). Working with it without the proper knowledge and skills is not just a bad idea but a deadly one.

Additionally, you’re going to need to go through the proper channels. This means before installing electrical wiring, you’ll need to obtain a valid Colorado State Electrical permit, which is valid for one year.

You can apply online and the Colorado Department of Regulatory Services State can provide further details for your specific project. Here are some of the key points you’ll want to be aware of before undergoing electrical panel replacement in Colorado:

  • You can perform wiring if your home isn’t on the market for sale, is personally worked on, and meets the National Electrical Code (NEC).
  • All work must be inspected before you cover it.
  • If you are a contractor, you’re going to need a permit. You can’t use other permits and an inspection by the State Electrical Board is still necessary.
  • You can schedule online and should schedule at least a day in advance as inspectors set their own schedules.
  • Be sure to provide the proper information as needed to avoid needing a reinspection, which will require a fee.


Deductibles, Claims Histories, and Your Breaker Box

When you suffer a loss related to your home, having home insurance coverage is critical. However, there are times when it’s advantageous to avoid submitting a claim. Typically, electrical panel replacements aren’t one of those times. Here’s why:

  • You need to have your deductible met before your home insurance coverage will reimburse you for a loss. Considering the cost of the average replacement, many will find that their deductible is met.
  • Having too many claims can raise your premiums. However, you still have options. Plus, it’s imperative to fix a breaker box because if there is damage or a malfunction, you may face inconveniences, or worse, fire hazards.


Whether it be the result of wind damage from a tornado or a lightning strike or anything else your standard home insurance policy covers, be sure to check your deductible and submit a claim when appropriate. If not, for the safety of your home and to maintain coverage, you’ll want to have it fixed as soon as possible.


Risks in Colorado to Your Home’s Electrical Panel

There are several risks that can cause damage to your electrical panel. Some of them are things you can’t prevent but there are others that you can help prevent.

In fact, just as it’s your responsibility to keep up with the wear and tear of your breaker box, you’re going to likely need to keep up with other components of your home to protect your electrical ones. Here are several risks you’ll want to look out for:

  • Lightning strikes can fry your home’s electrical panel, which is why whole-home surge protection is a critical investment for any homeowner.
  • Water and electricity never mix well and if you’re exposed to the elements, such as rain or snow, you could end up with damage. Be sure that wherever your panel is, inside your home or inside your garage, it’s well protected from the elements.
  • You’re going to need to be sure that your breaker box is in a well-working condition because if it’s not ready to handle the workload, malfunction or fire can occur. Such is the case, especially, when hooking up new appliances.
  • Just because your home insurance policy won’t cover it, doesn’t mean you shouldn’t undergo electrical panel replacement in Colorado for wear and tear. Failure to do so means that if a larger loss stemming from your breaker box occurs, such as a fire, your home insurance carrier is not going to cover it.


Basically, if you have anything that causes your electrical panel to malfunction or break that your home insurance policy will cover, or even if it won’t, you’ll need to make it right. Fortunately, home insurance policies offer a wide range of coverage and can protect you from most viable threats without spending an arm or a leg when doing so.


How To Protect Against Electrical Panel Replacement Costs in Colorado


We often think about the harshest situations when it comes to home insurance, but there are several smaller issues that can still have major effects on our home and cost quite a lot of money. Thankfully, big or small, coverage is there to help you get back on your feet.

The key to covering your home is by understanding your risks, covering them appropriately, and doing so in the cheapest way possible. Here at Freedom Insurance Group, we’re proud to be a resource for our clients and help them save 40% on average for their premiums.

Our partnerships allow us to shop top-rated carriers for personalized coverage and ensure that your protection is what you need at the lowest possible price. Comparing rates against each other, we can not only find coverage but the best discounts as well.

If you are a homeowner, it’s important to shop for your coverage at least once or twice per year. From electrical panel replacement to fully rebuilding after a fire, homeowners insurance is available for less. Give us a call today to speak to an expert agent or use our online tool for a Colorado home insurance quote.

Contact Us

Freedom Insurance Group
3861 Long Prairie Rd Ste 110
Flower Mound, TX 75028
Phone: (972) 798-3769


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