3/26/2024, 12:00:00 PM

Are you having difficulties finding Property Insurance?

New Mexico Property Insurance Program is the underwriting association for the New Mexico F.A.I.R. plan (Fair Access to Insurance Requirements).

 The New Mexico FAIR Plan Act was enacted by the legislature in 1969 to provide essential property insurance to qualified applicants in the State of New Mexico who are unable to secure such insurance in the normal market.  Under the FAIR Plan, consumers can purchase a policy at Actual Cash Value of the structure at an affordable rate.  The Fair plan offers multiple limits of coverage from $225,000-$350,000 on occupied residential structures, and $250,000-$1,000,000 on Commercial structures.

 The New Mexico FAIR Plan operates like a small insurance company underwriting applications, issuing policies, and adjusting claims.  This insurance is only available for dwellings and commercial property.  The applicant may apply directly to the program for coverage or may choose to use a representative or an insurance agent to act on the applicant’s behalf. 

 Although the plan may not appoint agents, any licensed property insurer in New Mexico can provide a quote and complete an application.  Upon completion of the application the licensed agent will submit the information to the plan for underwriting.  Should an issue with the structure arise during the underwriting process, the plan will notify the insured to allow time for corrections to be made.

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