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According to the Environmental Protection Agency (EPA), hazardous waste is generally classified into four main categories:

1. Characteristic Wastes: These exhibit at least one of four hazardous traits: ignitability (flammable, like gasoline), corrosivity (can rust or decompose materials, like car batteries), reactivity (unstable and can explode, like aerosol cans), or toxicity (harmful when ingested, like lead-based paint).

2. Listed Wastes: These are specific wastes from manufacturing and industrial processes that the EPA has officially designated as hazardous. They include byproducts from processes that use solvents, pesticides, and other chemicals.

3. Universal Wastes: These are commonly generated hazardous items that are subject to streamlined regulations. Examples include batteries, pesticides, mercury-containing equipment (e.g., bulbs), and some lamps.

4. Mixed Wastes: This category includes waste that contains both hazardous and radioactive components, making it subject to regulation by both the EPA and the Nuclear Regulatory Commission.

It can be safe to live in a house with asbestos as long as the asbestos-containing materials are intact, in good condition, and not disturbed. Asbestos becomes dangerous only when its fibers are released into the air, which happens if the material is damaged, crumbling, or disturbed during renovation work. If you suspect asbestos is present, do not disturb it. Instead of removal, materials in good condition can sometimes be encapsulated. It is recommended to have regular professional inspections to monitor the condition of the asbestos and prevent health risks from potential exposure.

Federal and state grants for asbestos testing and removal do exist and can help homeowners with the associated costs. In some cases, local housing grants help homeowners who have to remove asbestos as part of home repairs. The U.S. Environmental Protection Agency (EPA) also provides funding to help schools manage asbestos removal, but it doesn’t extend to homeowners. 

Asbestos is a carcinogen, meaning it increases the risk of cancer. Inhaling asbestos fibers is linked to several respiratory issues, including asbestosis, or scarring on the lungs, lung cancer, and mesothelioma, another type of cancer. There's also a link between asbestos exposure and an increased risk of colon cancer and other cancers of the digestive system.

Usually, the people most at risk for disease related to asbestos exposure are those who spend a lot of time working around the material without protection. Electricians who work with asbestos wire have a higher risk of developing mesothelioma or lung cancer due to their exposure.