Federal Pacific Electric Panels must be replaced??

[Ki Lee]

I have a 36-unit property under contract in Columbus, OH.  It's built in 1963 and has the old Federal Pacific electric panels.  The inspector said they present some fire hazard and some insurance carriers will not insure them.  Google articles seem to say that they are fairly dangerous.  How many of you have buildings with Fed Pac Panels?  How real are the hazard/dangers with them?  Are they over-sensationalized?  Trying to find the balance between being safe and also being mindful of spending too much.  It can cost up to $50K to replace all the panels.  And being a class C apartment, I want to try to be really lean and efficient.  It looks like I can find an insurance carrier that will cover the building.  Do you think that I can get by without replacing the panels?  Or is this a huge time bomb waiting to explode?  Millions of these have been installed from the 60's to the 90's and surely we don't have buildings burning down left and right?