Question

fix the one word that is used incorrectly.

most companies will insure a bicycle as part of a standard homeowners policy, but this coverage may lapse if your away for an extended period of time.

Explanation:

The word "your" is a possessive adjective, but here we need an adverbial phrase to mean "you are away". The correct word is "you're", which is the contraction of "you are".

Answer:

Replace "your" with "you're". The corrected sentence is: Most companies will insure a bicycle as part of a standard homeowners policy, but this coverage may lapse if you're away for an extended period of time.