Claims For Foundation Repairs Quickly Approaching Maximum Funding Level, Insurer Says
SOUTH WINDSOR, CT — The captive insurance company set up to process claims for crumbling foundations in Connecticut has suspended its application approval process until more funding is available later this year.
The Connecticut Foundation Solutions Indemnity Company, Inc. announced Monday that it had received nearly 1,000 applications for foundation repair coverage since it began approving claims in early 2019. The claims are piling up so quickly that the insurer may cease accepting all new applications in late 2019 or early 2020 as the total liability approaches the maximum funded amount of $121.6 million.
Repairs are underway at more than 90 homes in the state, said Michael Maglaras, superintendent of the CFSIC, and another 61 are already approved for funding once the next round of state bonding is released.
There are an estimated 35,000 or more Connecticut homes with failing foundations due to the presence of the mineral pyrrhotite in concrete used during construction, according to the state Department of Housing. Homes with problem foundations are particularly concentrated in the northeastern portion of the state, in towns like Stafford, Tolland, Vernon and South Windsor.
Read more: https://www.ctnewsjunkie.com/archives/entry/20190806_claims_for_foundation_repairs_quickly_approaching_maximum_funding/
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We're screwed! 
Besides the residents in the affected homes, the crumbling foundation issue also affects revenue for public entities. As the market value of the property continues to decline, the property tax rates have to be increased to generate the same amount of revenue. The people involved with the issue are in a death spiral.
