It also has 60 amp circutry, which I know needs to be updated before we can get the insurance, but I am totall unfamiliar with the whole knob and tube bit. I know it is old, but that is all I know for sure.
2007-01-20 10:14:43 · 5 answers · asked by msmicki7777 2 in Business & Finance ➔ Insurance
I would get a licensed electricial contractor (maybe 3) to give you an estimate on rewiring the entire house and bringing it to up to date code... then add at least 10% to that and ask for an amount equal to or greater than as a discount/allowance. If you have to take care of it yourself, you should be compensated for the inconvienience of it and enjoy the equity the investment brings. Good luck.
2007-01-20 10:20:23 · answer #1 · answered by robertonduty 5 · 0⤊ 0⤋
You're going to have a really, really hard time. Your best bet, is to hire the contractor in advance, and beg the insurance company to give you 30 days to get the wiring fixed. And get the wiring replaced and the box replaced, within that first 30 days.
Better yet, have part of the sale conditions with the current owner, that they rewire the house and replace the box, with a minimum 120 amp system and wiring up to code.
Even high risk carriers like Foremost have a hard time wiht 60 amp circuitry.
2007-01-20 10:18:09 · answer #2 · answered by Anonymous 7 · 1⤊ 0⤋
Some friends just recently did the same thing. Their insurance company made them replace the wiring before they'd write a policy. You might be able to shop around for a "we insure everybody" company, but be prepared to pay up the wazoo.
2007-01-20 10:18:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hire a professional home inspector ... the seller will be required to update the electical before selling the property.
2007-01-20 10:17:38 · answer #4 · answered by ValleyR 7 · 0⤊ 0⤋
i am sure you will be able to get insurance. it may be at a higher rate but i am sure you can get it.
2007-01-20 10:17:42 · answer #5 · answered by Lar 2 · 0⤊ 0⤋