electric service upgrade: 60amp to 100amp

[Todd M.]

Hello,

New owner of a 4plex with 60amp electric service. There are 5 electric panels with fuses: 1 for each unit and 1 for common area electric.

In trying to get property insurance, two very large insurance companies have problems with the current electrical and can't touch it.

They wanted upgraded service to 100amp, so I had to go with an expensive, state based plan (plan of last resort). In addition, I had to take out a separate commercial liability policy as well.

I'm starting to check around and it's looking like approximately $8,000 investment to upgrade to 100amp in order to "save" $1500/ year in insurance. It's not like I have that kind of money laying around.

Anyhow, I'm not experienced enough to know what I'm being told and the direction I'm heading.

Thoughts? Opinions?