Insurance Hikes Proposed as Fix for Connecticut’s Crumbling Basements
by Natalie Daher
New Englanders could pay more for renters insurance if a bill to tackle Connecticut’s “concrete crisis” becomes law.
The proposal in Connecticut would hike renters and homeowners insurance $20 a year to help homeowners cover costs of basement damage, NBC Connecticut reports. Similar bills have historically failed to pass, and this latest version drafted by Sen. Paul Doyle (D) has critics.
Crumbling basements have been a problem in Connecticut for years, and homeowners have been pushing for legislative solutions. Last fall, homeowners favored a proposal to create a $100 million in state assistance to relieve victims of repair costs. More than 650 homeowners have filed complaints with the state for crumbling concrete basements, NBC reports.
“We’re very concerned,” said Eric George, president of the Insurance Association of Connecticut, whose main critique is the hiked rated for homeowners. The bill “would require homeowners insurance to cover defective product in the foundation, which a homeowners associations has never done. That would have a much greater impact than $20.”
The cost for homeowners is higher compared to renters, which reflects the value of what the former group is insuring, according to George.
A representative from Doyle’s office could not be reached for comment.
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