ND HB1335

Amends North Dakota Century Code section 26.1-39-05 to modify property and casualty insurance loss coverage requirements for real property wholly or completely destroyed by a covered cause of loss.

Changes the waiting period from ninety days to thirty days for new policies or policies with limits increased by 25 percent or more at the insured's request, during which loss payable is limited to the lesser of full policy value or actual cash value/replacement cost.

Exempts renewal policies with limits increases of less than 25 percent, policies with increases of 25 percent or more due to construction additions, and policies with pre-loss insurer approval of increased limits from the thirty-day limitation.

Requires builder risk policies covering property under construction to be valued and settled based on the actual value of completed construction at the time of loss.

Specifies that in cases of double insurance, each insurer must contribute proportionally to losses without regard to policy dates.