diff --git a/esphome/components/wifi/wifi_component.cpp b/esphome/components/wifi/wifi_component.cpp
index bd267fb0fd..b08f20de21 100644
--- a/esphome/components/wifi/wifi_component.cpp
+++ b/esphome/components/wifi/wifi_component.cpp
@@ -261,8 +261,8 @@ void WiFiComponent::set_sta(const WiFiAP &ap) {
 void WiFiComponent::clear_sta() { this->sta_.clear(); }
 void WiFiComponent::save_wifi_sta(const std::string &ssid, const std::string &password) {
   SavedWifiSettings save{};
-  strncpy(save.ssid, ssid.c_str(), sizeof(save.ssid) - 1);
-  strncpy(save.password, password.c_str(), sizeof(save.password) - 1);
+  strncpy(save.ssid, ssid.c_str(), sizeof(save.ssid));
+  strncpy(save.password, password.c_str(), sizeof(save.password));
   this->pref_.save(&save);
   // ensure it's written immediately
   global_preferences->sync();
diff --git a/esphome/components/wifi/wifi_component_esp32_arduino.cpp b/esphome/components/wifi/wifi_component_esp32_arduino.cpp
index c68c1b950c..17b15757ef 100644
--- a/esphome/components/wifi/wifi_component_esp32_arduino.cpp
+++ b/esphome/components/wifi/wifi_component_esp32_arduino.cpp
@@ -164,8 +164,8 @@ bool WiFiComponent::wifi_sta_connect_(const WiFiAP &ap) {
   // https://docs.espressif.com/projects/esp-idf/en/latest/esp32/api-reference/network/esp_wifi.html#_CPPv417wifi_sta_config_t
   wifi_config_t conf;
   memset(&conf, 0, sizeof(conf));
-  strncpy(reinterpret_cast<char *>(conf.sta.ssid), ap.get_ssid().c_str(), sizeof(conf.sta.ssid) - 1);
-  strncpy(reinterpret_cast<char *>(conf.sta.password), ap.get_password().c_str(), sizeof(conf.sta.password) - 1);
+  strncpy(reinterpret_cast<char *>(conf.sta.ssid), ap.get_ssid().c_str(), sizeof(conf.sta.ssid));
+  strncpy(reinterpret_cast<char *>(conf.sta.password), ap.get_password().c_str(), sizeof(conf.sta.password));
 
   // The weakest authmode to accept in the fast scan mode
   if (ap.get_password().empty()) {
@@ -661,7 +661,7 @@ bool WiFiComponent::wifi_start_ap_(const WiFiAP &ap) {
 
   wifi_config_t conf;
   memset(&conf, 0, sizeof(conf));
-  strncpy(reinterpret_cast<char *>(conf.ap.ssid), ap.get_ssid().c_str(), sizeof(conf.ap.ssid) - 1);
+  strncpy(reinterpret_cast<char *>(conf.ap.ssid), ap.get_ssid().c_str(), sizeof(conf.ap.ssid));
   conf.ap.channel = ap.get_channel().value_or(1);
   conf.ap.ssid_hidden = ap.get_ssid().size();
   conf.ap.max_connection = 5;
@@ -672,7 +672,7 @@ bool WiFiComponent::wifi_start_ap_(const WiFiAP &ap) {
     *conf.ap.password = 0;
   } else {
     conf.ap.authmode = WIFI_AUTH_WPA2_PSK;
-    strncpy(reinterpret_cast<char *>(conf.ap.password), ap.get_password().c_str(), sizeof(conf.ap.ssid) - 1);
+    strncpy(reinterpret_cast<char *>(conf.ap.password), ap.get_password().c_str(), sizeof(conf.ap.ssid));
   }
 
   conf.ap.pairwise_cipher = WIFI_CIPHER_TYPE_CCMP;
diff --git a/esphome/components/wifi/wifi_component_esp8266.cpp b/esphome/components/wifi/wifi_component_esp8266.cpp
index b289157bee..a48c6c711d 100644
--- a/esphome/components/wifi/wifi_component_esp8266.cpp
+++ b/esphome/components/wifi/wifi_component_esp8266.cpp
@@ -230,8 +230,8 @@ bool WiFiComponent::wifi_sta_connect_(const WiFiAP &ap) {
 
   struct station_config conf {};
   memset(&conf, 0, sizeof(conf));
-  strncpy(reinterpret_cast<char *>(conf.ssid), ap.get_ssid().c_str(), sizeof(conf.ssid) - 1);
-  strncpy(reinterpret_cast<char *>(conf.password), ap.get_password().c_str(), sizeof(conf.password) - 1);
+  strncpy(reinterpret_cast<char *>(conf.ssid), ap.get_ssid().c_str(), sizeof(conf.ssid));
+  strncpy(reinterpret_cast<char *>(conf.password), ap.get_password().c_str(), sizeof(conf.password));
 
   if (ap.get_bssid().has_value()) {
     conf.bssid_set = 1;
@@ -759,7 +759,7 @@ bool WiFiComponent::wifi_start_ap_(const WiFiAP &ap) {
     return false;
 
   struct softap_config conf {};
-  strncpy(reinterpret_cast<char *>(conf.ssid), ap.get_ssid().c_str(), sizeof(conf.ssid) - 1);
+  strncpy(reinterpret_cast<char *>(conf.ssid), ap.get_ssid().c_str(), sizeof(conf.ssid));
   conf.ssid_len = static_cast<uint8>(ap.get_ssid().size());
   conf.channel = ap.get_channel().value_or(1);
   conf.ssid_hidden = ap.get_hidden();
@@ -771,7 +771,7 @@ bool WiFiComponent::wifi_start_ap_(const WiFiAP &ap) {
     *conf.password = 0;
   } else {
     conf.authmode = AUTH_WPA2_PSK;
-    strncpy(reinterpret_cast<char *>(conf.password), ap.get_password().c_str(), sizeof(conf.password) - 1);
+    strncpy(reinterpret_cast<char *>(conf.password), ap.get_password().c_str(), sizeof(conf.password));
   }
 
   ETS_UART_INTR_DISABLE();
diff --git a/esphome/components/wifi/wifi_component_esp_idf.cpp b/esphome/components/wifi/wifi_component_esp_idf.cpp
index 9d88848567..34ecaf887d 100644
--- a/esphome/components/wifi/wifi_component_esp_idf.cpp
+++ b/esphome/components/wifi/wifi_component_esp_idf.cpp
@@ -275,8 +275,8 @@ bool WiFiComponent::wifi_sta_connect_(const WiFiAP &ap) {
   // https://docs.espressif.com/projects/esp-idf/en/latest/esp32/api-reference/network/esp_wifi.html#_CPPv417wifi_sta_config_t
   wifi_config_t conf;
   memset(&conf, 0, sizeof(conf));
-  strncpy(reinterpret_cast<char *>(conf.sta.ssid), ap.get_ssid().c_str(), sizeof(conf.sta.ssid) - 1);
-  strncpy(reinterpret_cast<char *>(conf.sta.password), ap.get_password().c_str(), sizeof(conf.sta.password) - 1);
+  strncpy(reinterpret_cast<char *>(conf.sta.ssid), ap.get_ssid().c_str(), sizeof(conf.sta.ssid));
+  strncpy(reinterpret_cast<char *>(conf.sta.password), ap.get_password().c_str(), sizeof(conf.sta.password));
 
   // The weakest authmode to accept in the fast scan mode
   if (ap.get_password().empty()) {
@@ -823,7 +823,7 @@ bool WiFiComponent::wifi_start_ap_(const WiFiAP &ap) {
 
   wifi_config_t conf;
   memset(&conf, 0, sizeof(conf));
-  strncpy(reinterpret_cast<char *>(conf.ap.ssid), ap.get_ssid().c_str(), sizeof(conf.ap.ssid) - 1);
+  strncpy(reinterpret_cast<char *>(conf.ap.ssid), ap.get_ssid().c_str(), sizeof(conf.ap.ssid));
   conf.ap.channel = ap.get_channel().value_or(1);
   conf.ap.ssid_hidden = ap.get_ssid().size();
   conf.ap.max_connection = 5;
@@ -834,7 +834,7 @@ bool WiFiComponent::wifi_start_ap_(const WiFiAP &ap) {
     *conf.ap.password = 0;
   } else {
     conf.ap.authmode = WIFI_AUTH_WPA2_PSK;
-    strncpy(reinterpret_cast<char *>(conf.ap.password), ap.get_password().c_str(), sizeof(conf.ap.password) - 1);
+    strncpy(reinterpret_cast<char *>(conf.ap.password), ap.get_password().c_str(), sizeof(conf.ap.password));
   }
 
   // pairwise cipher of SoftAP, group cipher will be derived using this.
diff --git a/esphome/const.py b/esphome/const.py
index 046895447c..6742eb00f8 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -1,6 +1,6 @@
 """Constants used by esphome."""
 
-__version__ = "2023.10.5"
+__version__ = "2023.10.6"
 
 ALLOWED_NAME_CHARS = "abcdefghijklmnopqrstuvwxyz0123456789-_"
 VALID_SUBSTITUTIONS_CHARACTERS = (