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Do You Have Money Saved for Emergency Electrical Repairs?

04/06/16

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Some electrical repairs just can't wait. If you discover loose wiring, a faulty circuit or other problem in your home electrical system, it is essential to call an electrician immediately. At best, electrical problems can be annoying. At worst, they can damage your appliances or even start a fire in your home. That's why it's so important to have savings on hand so you don't feel compelled to delay emergency electrical repairs. Unfortunately, far too many families are not prepared financially to cover this type of emergency.

Emergency Savings Not Cutting the Mustard

The savings profile of the average American family leaves a lot to be desired. A recent report pointed out that 25 percent of homeowners in the United States don't have any money at all saved to protect themselves in case they need an emergency electrical repair or other home service. What's more, about half of the families that do have savings have less than $1,000, which might not be enough to cover a major bill.

And you never know when you might need help. In fact, nine percent of households said they had a problem with a circuit, switch or outlet in the past year, according to the report. Unless you are already an accomplished electrician, these are not problems you can address by yourself – you need to hire a professional in order to protect the safety of your home and your family. If you don't have any savings, that means borrowing money or putting off a repair – a dangerous prospect.

Make Sure You Have Money When You Need it

Follow these tips to increase the odds that you have cash on hand when you need it:

  • Put aside money every month to boost your savings and create an emergency fund so you aren't left scrambling when you have a breakdown.
  • Preemptively inspect your electrical system to discover any potential trouble areas and get them fixed before they cause a problem. This is generally less expensive and definitely far safer than delaying the repair until it becomes impossible to ignore.
  • Try a home services warranty program to ensure that your home receives all the maintenance it needs and guarantees you access to an electrician you know and trust in the event of an emergency.

Expert Electricians Keep You in Safe Hands

Maintenance and repairs on your wiring and circuits are tasks you simply cannot put off. Whether the electrical work you need is routine or a true emergency, call upon a professional electrician to get the job done safely and promptly.



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