Knob & Tube wiring -There is a reason why Master Electricians and Master Plumbers require Licensing and its because the potential for harm on many levels is relevant - Let the sellers know you may have a problem with the inspection from the lender and the insurance may deny me coverage.

@Bruce HansenAlthough every loan is unique and each lender varies with their requirements, one would find that these items are consistently what make up a comprehensive loan package.

You do not need perfect coverage to largely protect the asset.

However, I can tell you adequate debt-service coverage can lower the interest rates on certain loan products with certain lenders for certain borrowers, but it might not matter at all.  

FICO, location (city & State) and DCR (Debt Coverage Ratio) @ min 1.2 will play a factor.

Can anyone send me the companies they use so I can have coverage?

Just get a good insurance broker who can get you proper coverage and larger liability coverage including an umbrella policy.

You might want to take a reading comprehension class and then read my posts above.

If not, the bank, because of their interest in the property may be doing what is called "forced placed" coverage.

Discuss your insurance policy in detail with your agent to understand the coverage & different scenarios.