Shortages in Construction Insurance
Many Western-based home builders are limiting construction work because they can't find liability-insurance coverage, or are forced to pay ridiculously higher premiums than in prior years.
From California to Colorado, homeowner lawsuits claiming faulty construction have sparked nearly every insurance company to stop writing policies for residential building. Builders continue to find insurance, but it is very expensive.
Some lawmakers have introduced the idea of warranties on houses so the contractor has time to fix any complaints before the homeowner takes it to court. However, there are always bad practioners who may not follow up on the requests and therefore continue to make all contractors look bad.
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