Thousands of homeowners in Connecticut dealing with crumbling foundations will have to wait a little longer for financial help. The state insurance company said it has to delay the launch of the fund to cover repairs by a month.
Michael Maglaras, who heads the insurance company to help people whose homes were damaged by faulty concrete, said the fund was supposed to launch on November 15, but he now hopes to launch a month later since the company needs time to sift through hundreds of comments submitted to their website.
“Those comments are related to what constitutes a claim, how we define it, the way we’re going to bring assistance to homeowners, pay contractors, et cetera.”
Maglaras said there have been administrative delays in getting money from state bonds, but he’s confident they’ll be resolved in time.
There’s about $133 million in the fund now. Maglaras said that’ll cover repairs for only 600-700 homes.
