We live in an older house, when we bought 15 years ago when having some work done, I noticed some older wiring. I asked the electrician about it, he said it was perfectly safe. Fast forward a few years, and our insurance company re-inspected and said we need to replace the old wiring or they will cancel our policy. I spoke to a number of electricians, all said the older wiring is perfectly safe, it is polyester covered, not the cotton covered that is dangerous. One said it is safer than what he would replace it with. He also said he'd have to practically destroy the house to re-wire, opening walls, ceilings etc, or run surface, which would be really ugly. Our mortgage is paid off, so we just haven't bothered insuring it for a number of years ($7,000 annually).
My concern is, we're both nearing retirement age, and at some point in the future may want to downsize, and to try to sell the house in this condition would limit it to a cash sale, which really narrows the buyer base. I don't want to live through the mess re-wiring would make, but also don't want to deal with some nightmare situation when we're older and need to sell.
One day I'm tempted to just do it and get it over with, the next day I think just to let the next owner deal with it. We're in a historical district in a small Florida town, and the house has some architectural and historical importance.
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source https://www.reddit.com/r/RealEstate/comments/1wvtvb8/older_house_1945_in_florida_with_older_wiring/
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