A neighbor got a tankless electric hot water heater, did the current calculations, and determined he needed to upgrade his panel to 400A. He did so, using a licensed electrician, who pulled a permit and got inspections. It all passed, so he turned the water heater on. Circuits all over the house went out, without any breakers being tripped. Dimmer switches in his media room were ghosting lights on when they should have been off.
Many hours of head scratching later, they called me over to look at it. It was a beautifully big electrical panel. I was quite envious. Then I asked them if the power company had upgraded the drop from the power pole on the street to their house. Nope, they said. I responded by suggesting that since their house was built before WWII, it could be that the drop is inadequately sized to support 400 amp service.
I heard the next day that after the power company was contacted, they sent a crew out that very night, and spent all night restringing a new power line drop from the pole to the house to feed the 400 amp panel. End of problem.
I'm not a licensed electrician. I don't know what made me think of the drop from the pole being inadequate, other than homes did not have the same kinds of electrical demands 75 years ago as they do today. But, if you do get a 400 amp panel, give some consideration to the capacity of the cables feeding your house, no matter if on a pole or underground. Get the power company to make the determination, if necessary.