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Colorado Homeowners Insurance Glossary

In Colorado, Insurance terms are the same as any other state in America, brush up on your Insurance terminology to make the best informed decision when researching Colorado insurance policies. Go to our quote page to get a homeowners insurance estimate based on your property type and home value.

Dwelling
The primary home structure.

Other Structures
Coverage for detached structures such as a garage, barn, gazebo or shed.

Personal Property
Your contents in your home such as your furniture, clothes, appliances and electronics.
Know that some property such as money, jewelry, firearms and other collectibles usually have coverage limitations.

Scheduled Personal Property
Specific rider on a policy to provide additional coverage for items such as jewelry, furs, art and guns.

Peril
The cause of a loss- Fire, theft, hail, vandalism etc...

Named Perils
Specifies what perils are covered on insured property

Open Perils or Special Form
Better coverage than Named Perils. All direct physical loss except those excluded.
Examples of some exclusion: Flood, Earth movement, War, Nuclear action, intentional or criminal acts.

Replacement Cost Dwelling
Insurance pays the cost of repairing, rebuilding or replacing damaged property without deduction for depreciation up to the policy dollar limits of coverage.

Replacement Cost Contents
Insurance pays to repair or replace with similar property of like kind and quality up to limits of coverage on policy.

Actual Cash Value
Insurance losses are paid at a depreciated value. Wear tear and age are factored in. On personal belongings, garage sale prices are actual cash value.

Liability Protection
Financially protects you and your family from liability claims for accidentally causing injury to others or damage someone else's property.

Guest Medical Coverage
Helps pay the medical expenses of non residents who are injured in your home whether or not it's your fault.

Living Expenses Reimbursement
If you are displaced your home due to a covered loss, this coverage helps pay for additional related living expenses, such as the cost of temporary housing and food.

Homeowners Insurance
Dwelling occupied by owner. Affords coverage to structure and contents and liability.

Landlord Insurance
Dwelling occupied by tenant. Primarily insures dwelling. Coverage for some contents such as appliances and equipment for maintenance is usually available as well as liability coverage.

Condominium and Townhome Insurance Also known As Ho6 Coverage
Coverage designed for a condo/townhome owner that has building coverage through an HOA purchased policy. Coverage is primarily for contents with some coverage for building property and liability. With the variations in coverage, it's important to know your HOA bylaws regarding insurance.

Learn more from our Colorado home insurance guide page for more information.

 

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