New Mexico lawmakers tackle insurance issues following severe wildfires and floods
NEW MEXICO (KRQE) – It's another blow for New Mexico communities. After fire and floods, companies no longer want to provide insurance for homes and businesses. That has Republicans and Democrats working together for a solution. 'The problem just keeps getting worse and worse and worse,' said Rep. Harlan Vincent, (R-Ruidoso Downs).
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Weather: Widespread snow & rain in northern New Mexico
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Rep. Vincent represents Lincoln and Otero counties where the South Fork and Salt Fires destroyed hundreds of homes and businesses last summer.
Vincent said its effects are still impacting residents even today. 'It was just a double whammy as far as getting hit by fires then floods and then they get hit again because they can't seem to get insurance because the insurance companies are not writing policy,' said Vincent.
Story continues below
Weather: Widespread snow & rain in northern New Mexico
Crime: Video shows moments officers save baby in stolen truck in Rio Rancho
National: Pause on federal grants sparks concern in NM
Don't Miss: Santa Fe police, animal services rescue injured pelican
He said without insurance, residents can't get loans. And without policies, realtors can't sell anything, negatively impacting the local economy. Vincent, along with Senate Majority Leader Peter Wirth, is carrying a bipartisan bill to increase the limits listed in the 'Fair Access to Insurance Requirements', or Fair Plan Act, established in 1969. 'When you're in a situation where you simply can't get insurance due to risk and folks and companies pulling out, this is a state plan that provides a base-level coverage,' said Wirth.
The limit under the law is $350,000 for a private residence and a $1 million for commercial. The new bill would increase the limit to a $1 million for private residences and $5 million for commercial. 'So, the good news is this plan basically pays for itself through premiums,' said Wirth.
They are requesting $50 million from the general fund for the Office of the Superintendent of Insurance.
The pair said there are more bills to come designed to address the root problem which they said can be solved through preventative efforts. 'I'm also really interested in getting dollars to thin our forests. I mean, that's the other issue. We've got forests that go right up to urban areas. Those need to be thinned and taken care of,' said Wirth.
During the Governor's State of the State address, she mentioned a proposal for a state-run insurance program. Her offices said the legislation is still in the drafting stage and would operate independently from the existing F.A.I.R. Act plan. The governor believes 'without accessible fire insurance, entire communities could be wiped out without recourse.'
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