3 Colo. Code Regs. § 702-5-1-26-4
Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-5-1-26-4 - DefinitionsA. "Annual Report" shall mean the annual residential reconstruction consumer information report on the reconstruction costs for homes in Colorado, pursuant to § 10-1-144, C.R.S.B. "Dwelling" shall have the same meaning as in § 10-4-110.8 (3)(c), C.R.S.C. "Inflation Protection Coverage" shall have the same meaning as in § 10-4-110.8 (3) (d.7), C.R.S.D. "Reconstruction Cost" shall mean, for the purposes of this regulation, the cost to replace or rebuild a home to original or like standards at current material and labor costs within a certain geographical area.E. "Replacement Cost," for the purposes of this regulation, shall mean the amount it takes to replace damaged or destroyed property, subject to the policy limits.F. "Replacement Cost Homeowner Insurance Policy" shall, for the purposes of this regulation, mean homeowner policies that include replacement cost coverage.G. "Replacement Cost Value" (RCV), for the purposes of this regulation, shall mean a calculated estimate of the reconstruction cost for a dwelling, which may incorporate pre-populated address-specific data and additional details on dwelling characteristics provided by the applicant or policyholder.47 CR 15, August 10, 2024, effective 8/30/2024