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Crumbling Basements by the Numbers

The annual report and audit report for Connecticut Foundations Solutions Idemnity Company (CFSIC) was published recently on the CFSIC website and it is chock full of information and some great infographics that convey the information in a concise and easy to read  format.  Here are some takeaways:

40 Number of Northeast CT towns affected

1,112 Total Claimants

80-90 Families by year end to return to homes post remediation and properties returned to tax roles

 

$17M Claims paid so far

$144k Average cost of a foundation replacement

36 months Estimated time it will take to spend down the claimed funds after the CFSIC sunset date of 6/30/22

$8.6M Amount estimated to be raised annually by the $12 surcharge on homeowners insurance premiums

$52,729,828 Net capital deficiency on claims.  Claims on the books awaiting future funding by CT.

$70k The per unit limit on eligible condos

100 The total number of Type 2 (reimbursement claims) to be paid through 6/30/22. Limited to 25 per year.

9/6/19 No new applications accepted until further notice.  The money pledged thus far has been committed. 

I recommend reading or scanning the report for particular areas of interest or a general synopsis of the epidemic and response thus far.  If you are interested to look at the stats in the top ten affected towns see the links below:

 

Ashford

Coventry

Ellington

Manchester

Somers

South Windsor

Stafford

Tolland

Vernon

Willington

Condo Facts