RI S2261

Amends Rhode Island's standard fire insurance policy to modernize loss notification requirements, changing "immediate written notice" to "notify as soon as practicable" and allowing proof of loss within 60 days of a written request rather than 60 days after the loss

Overhauls the appraisal process for insurance disputes, requiring appraisers to be Rhode Island residents for at least one year with knowledge of replacement cost and actual cash value calculations, and mandating the insurer's appraiser be a licensed independent adjuster or attorney

Establishes that appraisal awards must include 12% annual interest calculated from the date of loss, and insurers seeking to vacate an award must deposit the full amount into the court registry pending adjudication

Reduces the payment timeline from 60 days to 30 days after the insurer ascertains the loss, and requires insurers to provide written notice that disputes over loss amounts may be resolved through appraisal

Extends the statute of limitations for non-fire and non-lightning homeowners claims to 10 years from inception of loss, voiding any shorter contractual limitation periods