Insurance
- Statute:
- New Mexico §47-7C-13 · Article CONDO (New Mexico Condominium Act (NMSA 47-7A-1 to 47-7D-20))
- Topic:
- Insurance & Liability · Master policy
- Applies to:
- Condo associations
Starting no later than the first conveyance to a person other than a declarant, the association maintains, to the extent reasonably available: property insurance on the common elements (and, in a building with horizontal unit boundaries, on the units but not owner betterments) at not less than 80 percent of actual cash value, plus liability insurance. Repair or replace unless the condominium is terminated, repair is illegal, or 80 percent of unit owners — including every owner of a unit or assigned limited common element that will not be rebuilt — vote not to rebuild. Excess cost is a common expense. Does not apply to an all-nonresidential condominium unless the declaration says otherwise.
📄 Read the official text at nmonesource.com →
How SoShiny helps with Insurance
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does New Mexico §47-7C-13 require?
- Starting no later than the first conveyance to a person other than a declarant, the association maintains, to the extent reasonably available: property insurance on the common elements (and, in a building with horizontal unit boundaries, on the units but not owner betterments) at not less than 80 percent of actual cash value, plus liability insurance. Repair or replace unless the condominium is terminated, repair is illegal, or 80 percent of unit owners — including every owner of a unit or assigned limited common element that will not be rebuilt — vote not to rebuild. Excess cost is a common expense.
- Who does New Mexico §47-7C-13 apply to?
- New Mexico §47-7C-13 applies to Condo associations in New Mexico.
- What happens if our condo doesn't comply with §47-7C-13?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for New Mexico community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New Mexico §47-7C-13?
- The official text is published by the New Mexico Legislature at nmonesource.com. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Insurance?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of New Mexico §47-7C-13 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New Mexico-licensed attorney. For the official statutory text, see the link above.
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