SB 81 - Requires Property Insurance to be Provided to Homeowners and Businesses who Struggle to get Insurance Due to High Risk - New Mexico Key Vote
Timeline
- Senate Bill Passed
- March 8, 2025
- Introduced
- Jan. 22, 2025
Related Issues
Stage Details
Title: Requires Property Insurance to be Provided to Homeowners and Businesses who Struggle to get Insurance Due to High Risk
Vote Smart's Synopsis:
Vote to pass a bill that requires property insurance to be provided to homeowners and businesses who struggle to get private insurance due to high risks from things like wildfires in New Mexico.
Highlights:
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Requires property insurance to be provided to homeowners and businesses who struggle to get private insurance due to high risks from things like wildfires in New Mexico (Sec. 1-11).
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Appropriates $50 million from the general fund to the office of the superintendent of insurance for expenditure in fiscal year 2026 to administer the FAIR Plan Act and fire mitigation programs (Sec. 12-13).
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Specifies that the provisions of this bill declare an emergency and shall take effect immediately upon passage and approval by the Governor (Sec. 14).
Title: Requires Property Insurance to be Provided to Homeowners and Businesses who Struggle to get Insurance Due to High Risk