Knob and Tube Wiring

[Glenn Zhao]

Hi, I own a 7 unit multi-family property in Cleveland Ohio. Recently I renewed my insurance policy. The insurance company sent an inspector after I started the coverage. After the inspection, the insurance company said they found this property is still using knob and tube wiring and it has a big fire hazard. They asked me to either fix it or they will cancel the policy. 

My questions are:

1. Is it expenses to replace knob and tube wiring? what's the ballpark for a 7 unit property?

2. Do I really need to replace them or just look for another insurance company?

3. Can you refer some insurance companies who are not picky about K & T wiring?

thanks a lot for your help.