Connecticut legislators are looking to help hundreds, if not thousands, of homeowners whose foundations are crumbling because of an iron sulfide found in the concrete by creating the state’s own insurance company.
The newly minted state budget includes language establishing a not-for-profit captive insurance company, run by a volunteer board of directors, to distribute grants for costly repairs or replacement of deteriorating foundations. It will be funded with $100 million in state bonds over five years.
