ND SB2105

Amends section 26.1-39-05 of the North Dakota Century Code regarding the face value of insurance policies for real property that is wholly or completely destroyed by a covered cause of loss.

For losses occurring within 90 days after policy issuance or within 90 days after policy limits increase by 25 percent or more at the insured's request, the loss payable is limited to the lesser of the full policy value or the actual cash value/replacement cost of the property.

Creates exemptions to the 90-day limitation for unchanged renewal policies, policies with limits increases less than 25 percent, policies with limits increased due to construction of additions, and policies with limits increases pre-approved by the insurer before the loss.

Builder risk policies covering property under construction must be valued and settled according to the actual value of the completed construction portion at the time of loss.

Excludes personal property and appurtenant or separate structures from these valuation rules, unless an appurtenant or separate structure is individually described in the policy with a pre-loss assigned value.