Summary:

 Senate  Bill 55 (SB 55) revises requirements for residential property insurance for payment of depreciation. 

Legislation Overview:

 Senate Bill 55 (SB 55) revises Section 59A-18-17 NMSA 1978 to require that at the time of settlement, insurers must pay one hundred percent of the replacement cost less depreciation. The remainder of the cost to rebuild or replace must be paid upon completion of the rebuild or replacement in an amount not to exceed replacement cost or policy limits. 

Current Law:

 Current law does not stipulate that insurers must pay one hundred percent of the replacement cost less depreciation.