Knob & Tube and landlord property insurance

[Lauren Schultz]

Hi All!

Newbie here - learned a very valuable lesson on my first property (actually a few, but that's another story). Recently purchased a home in Jennings, MO. Purchased as-is with the goal of long term hold and minimal work needed. Had a quick inspection done, was told the property had about 5% knob and tube wiring along with other updated wiring and new breaker box. I assumed that was a good thing and the 5% K&T wasn't a problem since everything was working correctly and safely. I'm now running into the issue of insurance. I'm currently insured, they don't know about the K&T but said the property can't have K&T. So I need a new policy. I can't find one that will allow, or don't care about K&T. Rewiring the home is not an option (cost to rewire verses what the house is worth/ what I paid) and the current wiring is in very good condition. I figure my options are to sell and take a loss (not ideal), or preferably find coverage that allows or doesn't care about the K&T. Any one have a similar issue? Or an insurance agent they can recommend? And I really don't need to be lectured, I know I know I know. I learned a lot. lol I just need to move forward so any advice would be appreciated!