The housing market is booming, and prices keep going up. The National Association of Home Builders Housing Market Index, which measures builder confidence, has hit record numbers.
Builders have been scrambling to keep up with demand, while homebuyers have been stressing over lack of inventory, skyrocketing prices and building material shortages that are causing project delays.
With so much riding on new construction, builders and their customers need to be sure they have enough insurance to cover all the risks of building a new home. Homebuilders also need to make sure they are covered if they incur property damage, face liability lawsuits or experience workers’ compensation claims.