THIS BULLETIN reminds insurers that all repairs or replacement of residential property must be covered at the cost to repair or replace, without deduction for depreciation. This bulletin is issued in accordance with Section 59-2-8 NMSA 1978, and with 13.1.2, 13.7.4, and 13.13.2 NMAC.

Repair or replacement for a residential property is subject to all requirements and benefits that pertain to residential property insurance, including all residential coverage protections of the Insurance Code.

REQUIREMENT TO PROVIDE REPLACEMENT VALUE ON RESIDENTIAL PROPERTY