A state-created insurance company focused on helping Eastern Connecticut homeowners with crumbling foundations recently reached a milestone, surpassing 200 foundations replaced.
Construction costs for foundation repairs totaled about $38.5 million, while another $6.8 million went to property owners who paid for the work themselves and then sought reimbursement, the Connecticut Foundation Solutions Indemnity Company, Inc. announced Monday.
Created by the state legislature in 2017, CFSIC caps funding for each single-family home repair at $175,000. The average cost so far has been $154,300 per home, CFSIC Superintendent Michael Maglaras said.
CFSIC has received 1,639 claims. Those claims will drain available funds, so new claims were not accepted as of June 30, Maglaras said.