RI H7860

Establishes minimum claim filing periods for structural property damage: 24 months for fire or lightning claims, and 10 years for all other property damage claims, measured from when damage was discovered or reasonably should have been discovered.

Voids any insurance policy provision, endorsement, condition, or agreement that attempts to shorten these minimum limitations periods, declaring such attempts unenforceable as against public policy.

Prohibits insurers from treating any payment as a full settlement or claim closure without a formal written release signed by the claimant, witnessed by a disinterested adult, and notarized by someone not affiliated with the insurer.

Requires insurers to provide written notice to policyholders about applicable limitations standards and claim rights at first notice of loss and with any payment issued.

Violations constitute unfair or deceptive acts enforceable by the Department of Business Regulation, Attorney General, or private parties, with cumulative remedies available under multiple consumer protection statutes.