Legislators Propose New Bill to Spur Housing
The 2017 Colorado Legislative Session kicked off on Wednesday as legislators descended on the Capitol to start another round of work. Right off the bat, new Speaker of the House Crisanta Duran and Senate President Kevin Grantham announced a bipartisan bill to lower construction liability insurance rates and building costs across the state.
Build Our Homes Right is in full support of this bill as introduced — it does not interfere with current homeowner and consumer protections under the law, but does address a problem that has been highlighted by the construction industry: rising insurance costs.
Want to know more? Here’s the latest word on the ground:
Denverite: Construction defects bill would tackle this vexing problem by trying to control insurance rates
“By targeting insurance rates we’re addressing the problem without reducing consumers’ right to protect the property that they spent their life’s savings to buy,” Duran said in her remarks opening the first day of the 2017 legislative session.
Colorado Statesman: Duran hits ground running as House speaker
The bill will allow insurers to go to court to apportion defense costs equitably among liability insurers who are required to defend a defect claim through an expedited process. The legislation seeks to address one of the root causes that makes it harder to build more condos, without compromising consumer rights.
Denver Business Journal: First-day Colorado legislative bills target health exchange, construction defects reform
SB 45 would allow insurers to go to court to apportion defense costs equitably among liability insurers who are required to defend a defect claim through an expedited process. It could be the first of a number of bills addressing construction-defects reform.
Colorado Springs Gazette: Colorado legislature opens with calls for bipartisanship, but fault lines already visible
The hope is, that by addressing insurance, lawsuits would become less expensive and more condos would be built without compromising consumer rights.
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