NM| The New Mexico Office of the Superintendent of Insurance has implemented an interim solution to raise the maximum residential property insurance limits under the NM FAIR Plan from $350,000 to $750,000, providing immediate relief for homeowners rebuilding after wildfires while awaiting legislative action. This provisional approval, effective statewide until June 20, 2025, also allows builder’s risk policies in disaster-declared areas and is supported by pending legislation (Senate Bill 81) that would further increase both residential and commercial property coverage limits. Superintendent Alice Kane and state legislators emphasized the need for continued efforts to support small businesses and improve mitigation measures, highlighting the collaborative response to New Mexico’s wildfire recovery needs.
Key Points:
- Maximum residential insurance limits under the NM FAIR Plan increased to $750,000 statewide as an interim measure to help wildfire-affected homeowners.
- Provisional approval allows builder’s risk policies in disaster areas and will remain in effect until June 20, 2025, pending permanent legislative changes.
- Senate Bill 81 aims to codify these increases and further raise commercial property coverage limits, with ongoing efforts to enhance insurance protections and mitigation strategies for all New Mexicans.