The New Mexico Superintendent of Insurance issued an emergency order to protect consumers in response to flooding in parts of the state.
The Governor of New Mexico issued an Executive Order declaring a state of emergency on October 21, 2024, following severe flooding that started on October 19, 2024. Under the All Hazard Emergency Management Act, the declaration of a state of emergency gives the Superintendent of Insurance the power to issue an emergency order to ensure access to insurance and maintain stability in the market.
The order provides many provisions for policyholders who reside in areas impacted by the flood for the next 120 days. The following provisions apply to insurers who write property or homeowners policies and automobile policies in New Mexico.
Insurers should provide a grace period for the payment of premiums and offer a payment plan of at least six months to policyholders who can't pay after the grace period. Insurers must also waive deductibles and not cancel or non-renew policies during the grace period. Late payments and related fees should also be suspended during this time. For claims, reporting deadlines should be extended.
The emergency order can be found here.