Here are a few things to look for to see if your Service needs and upgrade.
The Weather Head takes a lot of abuse from weather, wind and sunlight. This is where the power company connects to your home. All equipment attached to the building is the home owners responsibility not the Utility Company. Sunlight over time causes the insulation to crack allowing water to run down the cable into the meter socket causing corrosion inside eventually leading to very hazardous situations.
ABOVE: This cable is need of replacement. It acts like a funnel for water and channels it into the meter.
Below: This is an old style Meter can. If I was the home owner I would have it at least checked by an Electrician and preferably replaced.
Above: is and old fuse panel. If you have one of these you should probably have it replaced and consider having your other wiring looked at as well.
ABOVE: This panel looks good on the outside but this forty year old is still forty years old and has spent its life in a damp basement. Inside this panel is a corroded Panel Bus and Corroded breakers that may or may not work if there ever were fault to occur. This panel should be serviced.