Help.... Can't get insurance, Can I back out of the deal??

[Randall Priebe]

Hey all, I come here for help and maybe someone to tell me not to panic, or to panic.  

I have purchased a house in Winnipeg, Manitoba Canada. The deal is all done and subject removed. Final closing date is Feb 15th.

The issue is I have no learned that since the house has 60 amp electrical insurance companies will not insure the house. 

Next issue without insurance I cant get a property manager to manage it. I cant manage it myself as I live on the other side of the country.  The reason I bought so far way is that its the only market I could afford in. Everyone else was just to expensive and not good rents. 

House is a great deal other then these issues. I bought it for $127,000 and it rents out for $1650. 

So what are my options. 

I can update to 100 amp but not 100% on the cost of this. Im worried once they look at one electrical thing it could snowball and end up cost $20,000.

Could I still back out of the deal and loose my deposit $5,000 and walk away from it all?

What other options do I have. This is my first deal I have actually bought and am in a bit of a bad state right now. I was super excited to get some renters in there and start making the cash flow but then boom, nop we cant insure it. 

Any feedback is helpful, please and thanks.

[Theresa Harris]

Have you called around to talk to other insurance companies?  Ask the sellers who they have insurance through.