Red tags are used by many utility companies to identify a dangerous situation. A red tag is most commonly used for gas hazards - so at your stove, pool heater, or heating unit (if you have one that is gas - if you have a heat pump then you don't). If you are ever house shopping and find one of these, be very careful to research it before you ever purchase the home.
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Mike McFadden, Certified Master Home Inspector in Orlando, FL