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Since the EPA partially banned asbestos in 1989, it is no longer used to manufacture new siding in the United States; production had largely ceased by the early 1980s. Many other countries, such as Canada, Iceland, and Denmark, also have bans on asbestos. However, asbestos siding is still present in many homes built before the late 1980s. The only definitive way to know if your siding contains asbestos is to have it professionally lab-tested.

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.

If you have an older electrical system with fraying wires and other signs of damage, removal  may be the best course of action. When asbestos begins to break down, it's more likely to become airborne, increasing the risk of health issues when it's inhaled.

However, if the system is in good condition and doesn't have visible signs of wear or damage, leaving it alone may be the safest course of action. An asbestos abatement and removal professional can help you determine the best way to proceed.

Since DIY asbestos removal isn’t the best option to save money, there are other steps that you can take to help cut costs when dealing with this project. After speaking with your asbestos removal expert, discuss if encapsulation is an option. If it is, you can save between 15% to 25% on overall project costs over demolition and disposal. In addition, when speaking with your professional, discuss if there are any tax credits available for your removal project. Finally, check with your homeowner’s insurance to see if any removal costs might be covered. However, be aware that this is usually only applicable if the asbestos is due to a covered incident, like a tree falling into your roof.