Colorado follows the Broad Evidence Rule for the purposes of calculation of actual cash value.

The relevant case on this topic is Nebraska Drillers v. Westchester Fire Insurance Company.(1) In this case, the insured commenced an action to recover for an alleged fire loss to quantities of supplies and equipment under a policy that provided that the measure of payment under the policy was the actual cash value of the property at the time of the loss and that the loss should be ascertained according to such actual cash value with proper deduction for depreciation. 

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Thank you so much for the assistance you have provided us during the past year. We appreciate the information and advice you have shared with us and with all the Poway fire families. Your expertise and help have been invaluable during this recovery process.

Witch Creek Fire Survivor, 2007