NM SB224

Sets a maximum liability limit of $750,000 for properties insured under the FAIR Plan that are damaged or destroyed by fire and located within a fire department service area

Applies to properties served by fire departments with class ratings of 1-10 as determined by a nationally recognized insurance service

Defines "nationally recognized insurance service" as an organization that rates fire departments based on emergency communication systems, staffing/training/equipment, water supply availability, and community risk reduction programs

Adds a new section to New Mexico's existing FAIR Plan Act, which provides property insurance for high-risk properties that cannot obtain coverage in the standard market