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Why Are Electrical Fires Especially Hazardous?
Most homes are made of combustible stuff, and electric fires can spread very rapidly. Standard firefighting measures also may only cause the fire to grow uncontrollable. Smothering and throwing water, for instance, may only make the fires spread and increase the risk of electrocution for those trying to put out the flames.

The first thing a homeowner should do in the case of an electrical fire is to figure out the source of the fire and turn off the power immediately, all without making contact with the electrified elements.

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An electrical fire can smolder in the walls for hours, even more than a day. It's important to wear protective gear when turning off the power and to evacuate and call the fire department immediately. [5]

Cost of Rewiring a Home and How To Do It Cheaply But Safely
So you should know roughly where your home falls between an overall $600 to $6,000+ cost for rewiring based on the complexity of the wiring, its location, age and size. There are incremental costs aside from the $50 to $100 an hour for labor for rewriting a home. Here they are...

https://smartfinancial.com/how-much-does-it-cost-to-rewire-a-home