House Memorial 55 urges the Office of Superintendent of Insurance to promptly approve proposed changes to the New Mexico Property Insurance Program, known as the FAIR plan, which aims to provide relief to homeowners in Lincoln County and other affected communities following the devastating South Fork and Salt fires of 2024. The FAIR plan serves as an insurer of last resort for homeowners unable to secure affordable insurance coverage through the private market, and the proposed changes include increasing coverage limits for residential properties to $750,000 while maintaining limitations for commercial properties.

The resolution emphasizes the importance of these changes in addressing the challenges faced by homeowners in high-risk areas, particularly in light of the increasing risks of wildfires. By supporting the governing committee's decision to approve these increased coverage limits, the House of Representatives aims to alleviate uncertainty for residents in Lincoln County and expedite their ability to secure insurance policies necessary for rebuilding their homes. The memorial also calls for copies to be sent to relevant officials, including the superintendent of insurance and the governor.