The Insurance Department of New Mexico is transferred to increasing the limits of the just plan

New Mexico Superrent of Insurance Alice Kane increased the maximum limits of housing property insurance from $ 350,000 to $ 750,000 through the New Mexico Gallery plan to insurance requirements.

The move was adopted by the NM Fair Plan Committee. This wipes the way for housing owners to insurance insurance during reconstruction in areas affected by forest fires.

“This is the first step that is needed to help New Mexico residents secure home insurance for rebuilding after losing their homes destroyed by forest fires,” Kane said in a statement. “There is still a work that must be done to help small companies by increasing the limits of coverage of commercial property insurance and mitigation through home hardening requirements.”

Kane submitted a temporary approval to increase the maximum coverage coverage from one to four family housing to $ 750,000 at the state level. Temporary approval also allows the issuance of the risk policy for building a postal code for one year and it has been renewed for a maximum of five years when the ruler announces the emergency order.

The supervisor’s temporary approval ends on June 20.

The Senate Bill in New Mexico 81 amends the NM Fair Plan Law. If the Legislative Council approved and signed by the ruler, the draft law will increase the limits of property insurance coverage to $ 750,000 for residential structures (from 225,000 to 350,000 dollars), and up to $ 2 million on commercial structures (an increase of $ 250,000- $ 1,000,000).

Subjects
Mexico New Mexico trends