by: Christine Zafra
Old homes are fortunes. Those old Victorian style houses you see around plush villages that date back around 1800’s are worth millions. But, if you think these houses can get as much in insurance companies, you’re wrong.
I’m not saying all old houses are valued little by insurance companies, but chances are, if these houses have the old “knob and tube” wiring system, then yes, insurance companies may lessen the value of your home.
The knob and tube is an open wire type of wiring. In addition to that, old homes do not have much electrical boxes installed in their homes. What most owners do is they attach new electrical boxes to the old ones. This is hazardous according to insurance companies since this can cause overheating, short-circuit and on extreme cases, fire.
Photo taken from http://images.oldhouseweb.com