Knob and tube blues
#1
04-25-03, 05:40 PM
Knob and tube blues
Im an electrical contractor in Washington State. Ive been getting alot of calls from people who are trying to sell there homes, but the buyers are all telling them they cant get insurance for the home because it has knob and tube wiring. So, I called an insurance agent and asked if this were the case, and she said YES! She also added that this has been a rule in Washington for the last 4 years, but only enforced in the last 2 years. Now, as a contractor this is good news for business, but what about these people who are selling their home and find out they have to sink upwards of $10,000 to have it even be considered by a buyer? It seems awfully brutal to me.
The insurance woman added that there are some companies out there that will insure it, but for up to six times the cost. I ended up calling around 6 other agents and they pretty much sang the same tune.
Is it like this in other states out there?
The insurance woman added that there are some companies out there that will insure it, but for up to six times the cost. I ended up calling around 6 other agents and they pretty much sang the same tune.
Is it like this in other states out there?
#4
04-25-03, 09:16 PM
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Just had a deal fail because the buyers wanted new wiring installed in place of the knob and tube. Sellers said no and the buyers could not afford the increased insurance, In the past we replaced a lot of fuse boxes, now it is the wirng. Getting tough to sell an old house. My suggestion for owners, take a second and replace that knob and tube instead of payig off credit card dept. Your home will increase in value and will be safer.
#5
04-27-03, 09:13 PM
When the previous owner replaced the 60A service (to only 100A!), the electrician ran NM from the main to 4" boxes just under the ceiling and spliced NM to the three remaining K&T circuits. I have since replaced the K&T, but I would not have gotten insurance when I closed on the house without this bit of sleight-of-wire fooling the insurance company inspector. I am sure the PO used it to get insurance in the first place.
