NM| In Bulletin 2025-004 from the New Mexico Office of Superintendent of Insurance, dated July 7, 2025, outlines the approved maximum residential property insurance limits under the New Mexico Property Insurance Program (NMPIP). The document specifies liability limits for one- to four-family dwellings based on protection class and provides guidance for coverage during declared catastrophes.
Key Points:
- The maximum insurable limit for one- to four-family dwellings is $750,000 for properties in Protection Class 1-7 (protected) and $500,000 for Protection Class 8-10 (unprotected).
- In the event of a Governor-declared catastrophe, these same limits apply by zip code under the Plan.
- The approved limits are effective as of July 7, 2025, and will remain until further notice or amendment by the Governing Committee and Superintendent.