Home Insurance/Knob&Tube/Re-negotiate P&S

Asked by Pamela, Boston, MA Sun Jun 14, 2009

Having trouble getting home insurance due to some knob & tube wiring. P&S was already signed. Can i make changes now to p&S? add clause for rewiring? What is best option?

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Pamela, Home Buyer, Boston, MA
Mon Jun 15, 2009
Thanks, all- we added a contingency about acquiring insurance in the P&S but we knew about the knob and tube and didn't initially ask for it to be removed. Am planning to now ask for that since we will be unable to secure insurance.
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Ken Lambert, , Exeter, NH
Mon Jun 15, 2009
Hi Pamela- I worked on and with many older houses that had this kind of wiring, and also worked for insurance property inspectors to boot. I think you do have a legit claim if you did not know it had knob and tube wiring when you signed the P&S.. If you did not, and the home inspector made you aware, then you have something within the inspection contingency to fall back on.
As far as the mortgage situation, you need a H.O. insurance binder to close on a mortgage.
However, I think that you CAN get a HO policy- you will have to shop around a bit with different companies and you will end up paying more for this policy. All of that is on your lap and the seller really wouldn't care about it.
Best bet is my note on the inspection clause in the P&S.
Hope the seller is willing to talk about it further... Thanks and good luck,
Ken L.
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Scott A. Nel…, , 02155
Sun Jun 14, 2009
You should have your P&S reviewed by your attorney. The ability to get insurance could be a condition that may affect your ability to get a mortgage. There may be grounds to do some modifications. Have you had the knob & tube inspected by a licenced electrician to check the condition. You could get an estimate for the work to be replaced post closing where they hold back an amount to cover the work. Alot will depend on the house, the seller's position etc. Like the previous post mentioned you may have to explore a higher rate special program if available. Would probably be an incentive to get the work done ASAP & re-evaluate for a new policy.

Check back and let us know how it works out,
Web Reference:  http://www.MedfordHouse.com
0 votes
Deb McCourt, Agent, Ashburnham, MA
Sun Jun 14, 2009
I think about the only place you can get home owner's in MA with knob and tube wiring is the "high risk" placement known as "the fairplan".
Not likely that you can renegotiate anything on your P&S regarding this issue but your insurance agent may be able to work something out with the insurance company, if you are going to get rid of the knob and tube as soon as you close. Another option may be to look into getting this removed prior to obtaining an insurance policy and closing.
You'll be happier without the knob and tube.
Best wishes
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