Crumbling foundations insurer to suspend applications on Friday for about a month
HARTFORD — The insurer created to assist homeowners repair crumbling foundations will pause taking new applications for a month.
The Connecticut Foundation Solutions Indemnity Company will temporarily suspend taking new applications on Friday at 5 p.m. as it waits for new funding from the state.
The company, formed to help homeowners pay for replacing and repairing crumbling foundations, expects to resume taking applications when it receives new funding from the state bonding commission in October.
CFSIC Superintendent Michael Maglaras posted the information on the companies website on Tuesday.
An estimated 35,000 homes in Connecticut and Massachusetts are affected by disintegrating concrete containing pyrrhotite, an iron sulfide that reacts naturally with oxygen and water. Replacing a foundation can cost $100,000 to $200,000.