On Mar. 7, NM INS increased FAIR plan insurance limits due to wildfire
NM INS issued interim solution to increase Fair access to ins requirements plan limits.
Clears the way for wildfire-impacted homeowners to secure insurance as they rebuild.
Follows Jan. 2025 proposed steps to protect owners living in high-risk wildfire areas.
Document dated Mar. 7, received from NM INS Mar. 17, summarized on Mar. 20, 2025.
FAIR Plan Policy Limits
Superintendent provided provisional approval to increase the maximum coverage limits for 1 to 4-family dwellings to $750,000 Statewide; approval expires Jun. 20, 2025.
Permitted builder’s risk policy to be issued by zip code for a 1-year term and renewed for a maximum of 5 years when the governor declares an executive emergency order.
Proposed SB 81 increase coverage limits to $750k (from $225k-350k) for residential structures and up to $2mn (from $250k-1mn) on commercial structures, #247428.
Effectiveness
Superintendent’s provisional approval expires on Jun. 20, 2025.
