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We have just been informed by our insurance company that they will not insure a house with knob and tube wiring. They did NOT tell us this when we enquired about insuring our house BEFORE we bought it, to make sure. It's been 18 months and NOW it's an issue? We could have had a quote from an electrician and factored this into our original offer, or not bought at all. Now we probably don't have the money to have the work done. We knew about the wiring, as the home inspector told us, but he didn't inform us, our realtor didn't inform us, and our insurer didn't inform us that houses in Nova Scotia are not insurable if they have this wiring.(We are from out of province) We've had upgrades done by a professional electrician, and everything is in good order, but we just can't afford to replace it all right now (could have if we'd factored it into the asking price, if we'd been kindly informed) IS there an insurance company in this province that WILL insure us? It sure would have helped if ONE of these "professionals" had been more helpful BEFORE we bought.
Jane, Nova Scotia
Posted by kjane on 2010/02/17 11:36:15
This is certainly a question that the broker or agent should have asked since the vast majority of insurance companies will not insure a home with knob and tube wiring as it is often considered a fire hazard.
There are however specialty companies who will insure such houses, but at a higher price. You likely only have two options; either contact a local broker to ask if they deal with any insurers who will insure with knob and tube wiring or, replace the knob and tube wiring and keep your current policy.
If you would like more information, check out the following articles on the Insurance Bureau of Canada website:
Posted by admin on 2010/02/26 09:52:13
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