RI H7521

Amends Rhode Island's standard fire insurance policy to require insurers notify policyholders "as soon as practicable" of losses rather than requiring "immediate written notice," and limits examinations under oath to one per claim conducted by telephone, written questions, or mutual agreement

Overhauls the appraisal process by requiring appraisers be Rhode Island residents for at least one year, at least 18 years old, and knowledgeable in replacement cost and actual cash value calculations; company-selected appraisers must be licensed independent adjusters or attorneys

Mandates that appraisal awards include 12% annual interest calculated back to the date of loss, and requires insurers to deposit the full award amount into court registry if they seek to vacate the award or if the insured files suit to enforce it after 30 days of non-payment

Reduces the payment deadline from 60 days to 30 days after the company ascertains a covered loss, and prohibits depreciation from being applied to labor, taxes, permits, fees, or materials added solely due to building code requirements

Extends the statute of limitations for non-fire and non-lightning homeowners claims to 10 years from inception of loss, voiding any contractual provision establishing a shorter period; fire and lightning claims retain the existing 24-month limitation