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The captive insurer set up by the state of Connecticut to deal with a spate of crumbling home foundations says that it has now completed 1,000 home repairs.
The Connecticut Foundation Solutions Indemnity Co. was set up in January of 2019 after thousands of homes, most in the north and east of Connecticut, were found to have seriously flawed foundations due to the presence of the mineral pyrrhotite in the concrete.
The source of the pyrrhotite was traced to a quarry in Willington where aggregate was sourced and mixed with the concrete. Cases of crumbling foundations have been reported in Connecticut since the 1990s, but the systemic nature of the problem wasn’t identified and addressed by the state until 2015.
A claimant in Manchester recently became the 1,000th repair completed.
To date, the CFSIC said it has paid out more than $156 million for foundation remediations as well as reimbursements for work already performed.
It says it has more than 2,300 claimants, many of whom are awaiting the next round of funding of $25 million, which should be released by the state Department of Housing shortly.
Funding for the repairs has also come from a surcharge of $12 added to homeowners’ insurance policies.
“We continue to make steady progress in eradicating the scourge of pyrrhotite infection, which has caused so much distress for families in Connecticut,” said Michael Maglaras, the superintendent of CFSIC.
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Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
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