@Anthony Rosa There is way more to this than just replacing the panel. The knob and tube is the wiring which runs throughout the entire home. A new panel can be hooked up to the old wiring. The cost would include all new wiring, drywall repair, etc.
I don't have any houses that are entirely knob and tube, but I do have a few that still have some left over. State Farm has been good about it. My agent is Chad Fields.
I also have owners with homes that have nob & tube. I have called a number of my "go to" insurance guys and everyone seems to either be choosing not to quote or coming back with a huge premium penalty... including my State Farm guy. @Gwen Fyfe Does your guy Chad know that the homes in question are nob and tube?
I would love to see more discussion on this subject.
Probably not on all of them, but on some of them, for sure. When I first started buying he came out and took a look at properties and made a note of any areas of concern. I remember discussing the knob and tube with them when I was first shopping around for insurance. They even insured a duplex with Fed Pacific boxes for me at a pretty decent price. (I've since replaced the boxes, of course.)
I think that at this point his staff just drive by and take photos of my new purchases.
I would be surprised if any Standard/Preferred companies would knowingly insure knob & tube wiring. We would ultimately turn to a broker for Excess & Surplus markets available for this. Look for an independent agent around you who is knowledgeable and they will have the best chance at finding a market for you.
Why not upgrade the panel. The cost may pay for itself in 3 years when comparing it to the cost of insuring knob and tube. Some insurance carriers won't even go near knob and tube.
@Anthony Rosa There is way more to this than just replacing the panel. The knob and tube is the wiring which runs throughout the entire home. A new panel can be hooked up to the old wiring. The cost would include all new wiring, drywall repair, etc.
@Anthony Rosa There is way more to this than just replacing the panel. The knob and tube is the wiring which runs throughout the entire home. A new panel can be hooked up to the old wiring. The cost would include all new wiring, drywall repair, etc.
You are 100% correct. I was thinking of the old type of "Plug Fuses" and was stuck on the Knob part. Thanks Jeff.
Lots of people say knob and tube is no big deal. I disagree. Besides the old technology, the AGE of the wiring itself is a major concern. Back in the day when K/T was installed, there were different loads on the circuits. Today, we need much more electricity and most K/T systems are not up to the challenge.
Hopefully you figured in the cost of service panel upgrade, total re-wire of circuits, outlets and switches, plus the reno/repair costs that will be required after the electricians finish beating holes in the walls and ceilings.
We know it is a major chunk o' change, but after completion you will have a house that is safe and up to current code. Fire/liability insurance can't undo an avoidable possible tragedy.