October 15, 2025 News Releases COVERAGES FOR COMMERCIAL PROPERTIES IN NEW MEXICO FAIR PLAN INCREASE FROM $1 MILLION TO $2 MILLION Contact: Melissa Robertson, Property and Bureau ChiefEmail: Melissa.Robertson@osi.nm.gov Santa Fe, NM – The New Mexico Office of the Superintendent of Insurance (OSI) announced today that coverages for commercial properties under the New Mexico Fair Access to Insurance Requirements (FAIR) Plan have increased from $1 million to $2 million. This move will continue the positive trajectory of aiding commercial property owners in securing needed insurance as they rebuild in areas impacted by wildfires.The FAIR Plan is the insurance coverage of last resort, which is an alternative path forward for residents in high-risk areas to find coverage. In July, New Mexico Superintendent of Insurance Alice Kane approved the increased maximum residential property insurance limits for policies from $350,000 to $750,000 through the FAIR Plan. “This summer I was glad to approve, and have the Governing Committee adopt, the increase to residential rates under the FAIR Plan. Now, we are taking another positive step forward by increasing FAIR Plan coverages for commercial properties by $1 million,” said Supt. Kane. “This move will help better serve the more than 7,200 residents and 280 business enrolled in the FAIR Plan, as well as future enrollees. I look forward to the benefits this will provide to business owners who have been impacted by wildfires, especially as many commercial property owners continue to face non-renewals and cancellations.” OSI encourages residents who live in high-risk areas to continue to remove fire hazards from around their homes in order to mitigate any potential damage. Especially for those in higher-risk areas – those who are up against the wildland urban interface (WUIs) or have dense trees on their property – OSI recommends that homeowners follow Insurance Institute for Business & Home Safety (IBHS) standards, which sets criteria for hardening the home and preventing the spread of fires. “This increase to limits for commercial property insurance coverage will undoubtedly aid small businesses who’ve faced wildfire damage,” said Supt. Kane. “We will continue to work towards solutions to aid New Mexicans still recovering from wildfire devastation and to help residents and property owners prepare for future, potential wildfires.” More from OSI on Home Mitigation EffortsOSI is working closely with the New Mexico Energy, Minerals and Natural Resources Department (EMNRD) Forestry Division and many other agencies to ensure that residents have the most up-to-date mitigation resources and best practices. You can read more about wildfire preparation from OSI here.For more information on the current FAIR Plan, visit here. About the Office of the Superintendent of InsuranceThe Office of the Superintendent of Insurance (OSI) is New Mexico’s regulatory agency responsible for overseeing a wide range of insurance products, including private health and life insurance, auto, home, business, and title insurance. OSI regulates private health plans in the individual, small group, and large group markets, ensuring that premium rates are fair, companies are financially sound, and health care insurance coverage is reliable. While OSI does not have authority over self-funded health plans, where an employer assumes the financial responsibility for paying employee health care claims, Medicaid, Medicare, or TRICARE, OSI plays a vital role in protecting consumers by reviewing premium rates, monitoring insurance company conduct, and licensing producers (formerly known as insurance brokers and agents). New Mexicans covered under private health insurance can file a complaint online at www.osi.state.nm.us/pages/misc/mhcb-complaint or contact the Managed Health Care Bureau directly at mhcb.grievance@osi.nm.gov. For more information, visit www.osi.state.nm.us. ### COVERAGES FOR COMMERCIAL PROPERTIES IN NEW MEXICO FAIR PLANINCREASE FROM $1 MILLION TO $2 MILLION (PDF)
