The New Mexico Office of Superintendent of Insurance published a news release asking insurers to assist policyholders as they deal with the aftermath of the Salt and South Fork wildfires. The fires burned over 25,000 acres and destroyed over 1,400 buildings collectively.
New Mexico Governor Michelle Lujan Grisham issued an Executive Order due to the wildfires on June 18, 2024, leading to the Superintendent of Insurance Alice T. Kane issuing an Emergency Order on the same day. These actions give the Superintendent the authority to take necessary actions to maintain the stability of the insurance market during an emergency.
The Superintendent is asking all property and casualty insurers adjusting property claims for policyholders who suffered a total loss to waive any requirement for submitting inventory forms and to pay 60 percent of the applicable personal property limit of the policy. This applies whether the policy is limited replacement cost loss settlement or depreciated loss settlement.
The news release can be found here.
Further reading on the wildfires can be found here: New Mexico Emergency Order Following Wildfires