It used to be if a property we sold had circuit breakers and not fuses good enough.Insure that puppy and where's the insurance premium receipt so we can show it is bound, paid in full, in force at the closing so the lawyer, banker gets this real estate show on the road. If you had electrical fuses, the insurance companies let you chug along year after year as an already insured.
But when a new home Maine real estate buyer or lake front cottage purchaser come in to the picture, time to get that 100 amp circuit panel in place. And that used to be the end of it.
Knob and tube original wiring in the 100 year old Maine victorian, farmhouse was over looked. Not anymore, even if it is no longer in service, Maine insurance companies want it gone, eradicated from the home. Not just the cellar strands or ones in the garage or attic out of sight. Many are starting to require a licensed Maine electrician to give the place a physical. Do a written turn your head and cough physical assessment of the place and report back in writing. And while Sparky is at it, update the smoke detectors, CO 2 alarms sensors while he is there doing surgery, updates to put the place in the pink. Back to ship shape health to pass electrical codes.
What happens if the knob and tube you think is part of the charm and wanting to stay is left alone? Not touched or updated, removed, replaced?Well you can insurance shop to hope someone misses it but Lloyds of London, the guys that insure skilled surgeons hands, musicians fingers and voices, Tiger's putter, Donald Trump's hair sweep and the like get a call for a quote. Can you say ching ching? I'm just saying.
Knob and tube, like varicose veins are hard to miss and no longer over looked, let go by insurance companies tightening up on liability, exposure. The funny thing is I have had two electricians tell me they likes fuses better than circuit breakers if there is adequate amperage because a circuit that trips and gets flipped, reset is never as strong. It is too easy to keep resetting it without thinking wonder why that keeps shutting down? With fuses, you run out of them as the pile grows by the box or on the floor. And that gets your attention unless you just put a larger one in or the slap a penny in to make it a wide open circuit full time, all the time until the place burns down with or without you in it.
Also, if you own a Maine property outright, and think I'm not a smoker, not going to burn the place down with hobbies in the attached garage and let the coverage lapse, oh oh. Surprise and a look of "I just shot myself in the foot" happens as you kick yourself silly.
You will make calls, walk to this insurance agency, stop in to that one. And hear over and over, you have become kryptonite. By letting the coverage get canceled for say not updating the knob and tube, or putting the railing on the deck, installing front steps to replace the rotten ones during that thirty day grace period.
Now you are at the Lloyd's of London or the special coverage drive thru with limited but expensive options. You are on insurance probation. Kicked out of the local, lower cost real world pool. And if you have an accident, even say a lawnmower rock ping, ker snap of the $1200 front picture window, you are going to eat it yourself. Pay out of pocket to keep it below insurance radar. No claims for the small stuff. To look good, spiffy come renewal time so you can return to the insurance pool you used to swim in for coverage at lower down to earth rates with the other home owners you are going to come to miss over the two year renewal premium time.