News of the Week 7-9-18
Connecticut Homeowners – Coming Your Way
The Connecticut legislature is ironing out the final details of Public Act 18-160. This legislation will add a $12 fee to every homeowners insurance policy (not including tenant) issued in the state. The funds collected will be deposited in the Healthy Homes Fund established for the sole purpose of assisting homeowners whose foundations are crumbling due to phyrrhotite (iron sulfide) content in the concrete that was used.
This type of loss is not covered by insurance. Cracking may appear as
variegated, "random pattern"
in concrete slabs, walls, and foundations whose concrete contains high
levels of pyrrhotite. Moisture as well as oxygen react with this iron sulfide
material, causing it to swell with tremendous force, causing varied-pattern
cracking in the concrete. The fee will
be charged starting January 1, 2019 until December 31, 2029.
