Jamie Miller
New Member
- 8
Anyone know of any high-value home DIC's? Everything I've quoted either has too low TIV or won't take this home because it's old with 50% knob and tube. TIA.
High-Value Home DIC?
- Thread starter Jamie Miller
- Start date
- 2,195
Knob and Tube is now officially a very dirty world. Ten years ago KnT was somewhat doable, as long as major appliances were not attached and/or if you had an electrical inspection. Today - Good Luck with that.
Define - High Value?
Define - High Value?
- Thread starter
- #3
Jamie Miller
New Member
- 8
I know, when she got nonrenewed last year we urged her to get rid of it, but she refused. The TIV of the home is around $5 mil. Piedmont, CA.
AshwithanE
Expert
- 22
Some non-standard company out there will write this home surely.
It probably cost way more $$$ to get rid of all the that K&T wiring than to just pay the premium?
It probably cost way more $$$ to get rid of all the that K&T wiring than to just pay the premium?
- 2,195
With KnT? I dont know. I find they are often more picky about updates than many of the Admitted preferrred carriers. I am assuming that you have approached a Surplus lines broker? For now - make sure you have a CPL and a Good Electrican in your pocket,
Al3x Lee
Guru
- 952
Definitely depends on the area. Carriers in Oregon won't touch K&T, even in the E&S market, especially with that valuation. You might be able to place it in a last resort state insurer, depending on the state.
Honestly, why the hell does anyone still have K&T in their buildings? It's time to upgrade either way. I think the last time it was used in new construction was 80+ years ago
- 2,195
My guess is it is with the state insurer, that is why the poster is asking about a DIC.
Totally agree - but sometimes its buried in the foundation and unaccessable.
Al3x Lee
Guru
- 952
Oops, missed that part
Sounds like a weak argument someone would make who's trying to insure their building with 50% knob and tube wiring.
- Thread starter
- #9
Jamie Miller
New Member
- 8
The entire home, built in 1906, has 50% knob and tube. I have tried getting quotes with at least ten surplus lines (everything we have access to as brokers) and they have all declined due to TIV or knob and tube, sometimes both. Our last resort is the FAIR Plan, so I'm scrambling for a surplus lines DIC that will accept knob and tube. She knows a DIC/FAIR combo will still be not enough coverage.
Al3x Lee
Guru
- 952
Has she thought about upgrading the wiring before it turns 100 years old? I'm with the insurers on this one, but then again, I'm ACV Alex
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