Insurance Fair Plan Act Changes

Where it is in the process

Plain-English Summary

This bill creates a new section in the FAIR Plan Act, setting a maximum insurance limit for properties damaged by fire. If passed, properties insured under a FAIR plan would have a maximum liability of $750,000 if they are in the service area of a fire department with a class rating of eight, nine, or ten, or a well-staffed and equipped department with a class rating of one through seven. This change would affect property owners in New Mexico who rely on the FAIR plan for fire insurance.

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