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The FAIR Plan - New Mexico
State
If your property is "high risk" and you cannot get home insurance through private companies, you may be able to get coverage from the Fair Access to Insurance Requirements (FAIR) Plan. The FAIR Plan can provide insurance for your home and the contents of your home, but it often costs more and gives less coverage than private insurance.
About this program
If you live in New Mexico and have had trouble getting homeowners or property insurance, the New Mexico Fair Access to Insurance Requirements (FAIR) Plan may be able to help. This program gives people a way to get basic property insurance coverage when regular insurance companies won’t insure their home or business—often because it’s considered “high risk.”
The FAIR Plan is managed by The New Mexico Property Insurance Program and helps ensure that homeowners have access to essential protection for their property.
What does the New Mexico FAIR Plan cover?
FAIR Plan provides limited property insurance coverage for both residential and commercial properties. Coverage is limited to fire, extended coverage, and vandalism or malicious mischief.
Covered risks include:
- Fire, lightning, and internal explosion
- Windstorm or hail
- Explosion
- Riot or civil commotion
- Damage from aircraft or vehicles
- Smoke
- Volcanic eruption
- Vandalism or malicious mischief
Maximum coverage amounts are:
- Up to $750,000 for residential properties
- Up to $2 million for commercial properties
Am I eligible?
You may be eligible for the FAIR Plan if:
- You own your home in New Mexico
- You have tried to get insurance from a regular company but were denied
- Your home is not used for farm or manufacturing purposes
- You do not have arson-related convictions
How do I apply?
To apply for the New Mexico Fair Plan, you must first try to get insurance through a regular insurance company and be denied coverage. A licensed insurance agent must help submit your application and paperwork.
The application process includes:
- Completing the application and required documents
- Signing a form confirming you were denied coverage in the regular insurance market
- Fixing any safety issues found during a property inspection
- Paying the required premium
Once all requirements are completed and the premium is paid, the FAIR Plan policy can be issued.
What if I need help?
If you need help or have questions about the New Mexico FAIR Plan, you can call The New Mexico Property Insurance Program at 1-850-300-4323.
Categories
Informational only — official eligibility is determined by the administering agency.
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