Increases minimum amount for required damages and time to perform appraisal from three days to four.

Plain-English Summary

This bill proposed two changes to Rhode Island's rules about how insurance companies handle property damage claims. First, it would have increased the minimum dollar amount of damage required before an insurance company must offer a formal appraisal process to settle a dispute. Second, it would have extended the time allowed to conduct that appraisal from three days to four days.

The appraisal process mentioned in this bill is a way for policyholders and insurance companies to resolve disagreements about how much a claim is worth, typically involving independent appraisers who assess the damage and help reach a fair settlement. These changes would have affected homeowners, vehicle owners, and others who file property damage claims with their insurance companies, as well as the insurance companies themselves.

It is worth noting that this bill was withdrawn by its sponsor before it moved forward in the legislative process, meaning it did not advance and has no effect on current law. Rhode Island's existing insurance claims settlement rules remain unchanged.