I have inherited a home that needs some TLC. I’m going to be moving in but was wondering if the home’s wiring will cause me issues getting home insurance: it’s still the original knob-and-tube.
Question
Does a home’s wiring affect getting home insurance?
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With knob-and-tube wiring, many companies will not insure you unless you have it removed and replaced with updated wiring. You’ll typically be given a timeframe within which this work needs to be completed.
If you choose not to upgrade the electrical from knob-and-tube, you’ll likely have problems finding a standard home insurer that will provide coverage to this higher-risk home. That’s not to say there are not insurers out there that will provide you with coverage: however, you’ll likely be paying a higher premium for your home insurance policy with a high-risk home insurer.
Sean Graham, Principal Broker at KTX Insurance Brokers.
Neither Kanetix® nor the KanetixForum.ca is an insurance broker or agent. Although this information has been passed along to you from KTX Insurance Brokers through the Forum, we are not responsible for the opinions expressed by them. Insurance can be complicated. When reading these answers, keep in mind each person’s situation is unique. Individual responses may vary depending on your insurer, geographic location, and specific circumstances. If you have a similar situation, always speak with your insurance provider, or a licensed insurance representative, for terms and conditions that may apply to you.