INSURANCE FAIR PLAN ACT CHANGES

Summary

The bill creates a $750,000 maximum payout for homes covered by New Mexico’s FAIR Plan when fire destroys them, linking the limit to the rating of the local fire department. It applies to properties in fire departments rated either 8‑10 or 1‑7, as determined by a nationally recognized insurance service. The goal is to match coverage limits with the level of fire protection available.

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