January 9, 2019

The Hartford, Liberty Mutual pledge $10.5M for crumbling foundations

PHOTO | Contributed
PHOTO | Contributed
The Hartford's headquarters.
HBJ PHOTO | Bill Morgan
South Windsor resident Kristen Cole is one of many homeowners dealing with cracks in her home's foundation.

Additional funding is coming for Connecticut homeowners with crumbling foundations.

State officials on Tuesday said two more insurers, The Hartford and Liberty Mutual, will provide a combined $10.5 million for current and former policyholders who receive funding to remediate their crumbling concrete foundations under the state's new assistance program.

Under new agreements with the state, property and casualty insurer The Hartford has committed $3.5 million and Liberty Mutual has pledged $7 million for current and former insureds with homes experiencing deterioration of their foundation because of pyrrhotite in the concretate.

The insurers will pay up to $25,000 for current insureds and a maximum of $10,000 for former insureds in addition to funds provided by the state's program, which is overseen by nonprofit insurer Connecticut Foundations Solutions Indemnity Company (CFSIC).

CFSIC's benefits are capped at $175,000 for the irreversible damage that typically costs between $150,000 to $250,000 to repair or replace.

Tuesday's funding announcement comes about a month after property and casualty insurer The Travelers Cos. committed $5 million for their policyholders dealing with crumbling concrete foundations.

Outgoing Gov. Dannel P. Malloy on Tuesday called the latest round of commitments "significant progress for affected homeowners … ."

"The crumbling foundation crisis is a widespread and complex problem that requires all stakeholders to be a part of the solution," Malloy said.

CFSIC will begin accepting applications for crumbling foundation relief on Thursday at 9 a.m. Officials from the nonprofit insurer detailed the guidelines for the application period on Monday.

According to the Connecticut Department of Housing, about 35,000 Connecticut homeowners are dealing with crumbling foundations, with the majority residing in the central and eastern portions of the state.

Comments
Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

 
Today's Poll Should Connecticut adopt a paid family medical leave program?<>
ADVERTISEMENTS
Most Popular on Facebook
Copyright 2017 New England Business Media