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Updated about 7 years ago,
Federal Pacific Circuit Breakers
Be mindful of the Federal Pacific circuit breakers when buying or occupying a property. These circuit breakers are significant fire risks and should be replaced ASAP. I purchased a property and lived in it for years before I changed insurance companies and it was revealed that I wouldn't be insured until the Federal Pacific circuit breaker was replaced. When it was replaced with a circuit breaker panel that actually worked, my house started tripping breakers and I found several shorts that cost about $700 to have corrected. These shorts could have caused a fire in the home. The replacement cost of the breaker panel was $1800 for a total of $2500 due to lack of knowledge on this topic. Also, the panel replacement cost can be much higher, mine was simple and done at a good price. See article below for more info.
https://www.angieslist.com/articles/are-federal-pacific-circuit-breaker-panels-safe.htm