Investor · Saint Petersburg, FL · Member since 2013 · 73 posts · 29 votes
5y
In Florida, I don't think any traditional company will write a home with knob and tube wiring. For that, you have to go to the surplus lines market (high risk). Depending on property value, $1500 sounds like a good rate.
Without any knob and tube I have 8 properties, average value 180K, average property insurance $1365. Florida is or close to the highest cost property insurance market in the nation because of windstorm risk.
That said, knob and tube is not good. We had that in 2 structures, it was a single 30A circuit for all outlets and ceiling lights. While the attic distribution wire was sufficient for 30A, the feeder lines were not. It's a real hazard. We re-wired and updated the electric panel right after purchase.
Real Estate Agent · Petaluma, CA · Member since 2017 · 63 posts · 35 votes
5y
I’m seeing this response in more places than one. It’s strange to me because I’ve owned several homes with knob and tube, as it’s pretty common where I live, and have never had a problem getting a policy or with rates.
Genuinely makes thing quite confusing. I have to assume this is due to different experiences in different states.
This is my first deal in Ohio, which is partly why I was caught off guard, but even my agent was surprised I was having a difficult time as they do many of these types of home with no problems.