Electrician or handyman help needed to understand electrical requirements (for a triplex)?

Question

3 tenants currently live in a recently purchased triplex. Based on what is written on the electric board in the basement, the triplex has in total:

"125 AMP, 120/240 Volts. 1 Phase, 3 Wires"

The current tenants are on disability and have minimal electrical requirement however they do have fridge and oven in each unit. There is also a coin laundry everyone can use in the basement. One of the tenants told me that from time to time there is an electric shutdown due to overload however it has been like that for many years. I heard that upgrading to 200AMP might cost $10,000(!)

My questions are:

1. Is it really important to upgrade the entire triplex to 200 AMP based on the information above, or, is it not critical? can it really cost around $10,000 or probably shouldn't?

2. The new insurance company wants it to be upgraded so that each unit has 100 AMP (for safety reasons I'm assuming?). Are there/should I look for other insurance companies with less strict requirements?

THANKS.

Answer 1

Buddy, please re-post this to the real estate section...or the section that deals with these situations.

Somehow this was posted to the insurance section.

Your one insurance question is tough.  Why would you want an easier company requirement?  Some insurance companies have exclusions.  If you do not meet code requirements, do you really think the insurance company will have to pay you for violating the law?  Not hardly, buddy.

Rats.  Does this mean I have no chance to earn ten points?