couple Gs... not a little but not a whole lot
I feel for you. I had a good friend & client go through it. I have a couple of suggestions:
1. if you are doing a rehab that will include the wiring, you may get a Renovation Builders Risk policy to cover you.
2. If the regular market will not cover it, have your agent check in the Excess/Surplus lines. At least in our area there are markets that will cover a building with knob & tube. The cost is higher and there are typically more exclusions on those Excess Lines policies. That was what we did for my friends rental until he was able to update all the wiring.
Hope it works out.
Hi @Attila Bertalan ,
I know for sure, in certain states, Travelers will write a home policy for a property that has some knob and tube as long as it is in good condition and there is a breaker box.
@Casey J Burkhead
Thank You! I will relate the info to the buyer’s agent.
I have a few like that with Travelers and also with Foremost. They had the old fuse box replaced with a breaker panel. My policies all run in the 1000 range, give or take a few.
They called Foremost and was told that they don't cover that kind of properties even though the old box was replaced w/in 10 years with a breaker panel. I did tell the buyer's agent to try Travelers...hopefully better luck.
Thank you for the info.
I have a 1940's property with knob and tube and its covered by State Farm insurance. This is also in California. There is a new main panel and the attic knob and tube has been upgraded for attic insulation, but it still remains everywhere else in great shape.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.