I purchased an older (1920) multi-family duplex which has Knob and Tube electrical. It's got updated circuit breaker panels, but it still has some KnT. I know this is a mess and should have had the seller resolve or walked away, but I'm past the point of no return now as far as those contingencies go and now looking to work through this. As you probably know this is an insurance nightmare and pretty much unsupported across the board now. I've been shopping for different policies and scheduling contractors to bid on removing the remaining KnT. Hopefully I will get an idea of what this is going to run me pretty soon. I'll be a happy camper if I can get this done for under $10K, but I have no idea. Based on my research it seems like it could easily exceed that. Walls are plaster and both units are occupied.

Insurance Questions

Was able to find only 2 options after talking to about 20 providers/brokers -

1) Property damage insurance covering up to the purchase price of the property. Would not include personal liability coverage.

2) Appears to be a commercial policy which has several stipulations, is quite expensive, and would require an inspection which comes with its own fee. This policy would cover everything if it indeed passes whatever the inspection includes.

Is it feasible / do you have experience with having 2 different insurance policies on a single property? For example, one for personal liability and one for property?

I'm happy with the property damage insurance levels for the time being, but really concerned about not having personal liability coverage. Was thinking I could use option 1 + the personal liability coverage of the commercial policy. Is that a thing?

If you made it this far, thanks for reading the long post! I really do appreciate you taking the time.

Multiple Policies on Property that has Knob and Tube Electrical

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