Electric Vehicles: What Risks Do They Pose To Homes?

Global electric vehicle (EV) sales increased by 108% from 3.24 million in 2020 to 6.75 million in 2021, according to EV Volumes, and that number is expected to jump again in 2022 as more EV options enter the marketplace and drivers seek relief from soaring prices.

As more car buyers drive EVs off the lot, it’s important that they understand the different risks that these vehicles pose to their homes and properties, according to Jenny Naughton, executive vice president and risk consulting officer for Chubb.

The first thing EV owners must consider is how they’re going to charge their vehicles.

There are two common types of home charging solutions. Level 1 charging is a straightforward plug-in of the EV into any standard 120V outlet. This requires no electrical modification, and it typically takes about 20 hours to reach a full charge.

Meanwhile, level 2 charging units are sold separately from the car and require installation by an electrician as they are plugged into a 240V outlet, which allows for a much faster charge.