Before I worried about the pi, I'd worry about defects in the AC/DC adapter. Don't leave your phone to charge unattended! ;)
As Ghanima says, it is impossible to say this is impossible for any consumer household electronic item, but this does not make it particularly likely for the pi. E.g, I believe if you somehow surge thousands or millions of volts (lightning strike) through the house and breakers don't deal with this, presumably the littlest wires and connections at end points will spark first.
However, at that point you probably have a variety of serious problems beyond the pi.
With regard to "taking precautions", since it's not completely impossible for any electric device powered 24/7 to spontaneously combust, I guess it is not completely crazy, but it is pretty crazy. Things like electric clocks have been commonplace longer than most of us have been alive, but I have never heard of anyone keeping them in an asbestos case for safety. You might as well just shut the house off at the box if you are that worried about electricity. Your next stop will be hoarding old newpapers and stray cats.