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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. 

Read More:
http://www.propertyinsurancecoveragelaw.com/2015/05/articles/insurance/calculating-actual-cash-value-part-9-colorado/index.html

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I just want to thank you for everything you do. I used your contents list to help me compile an updated list for the insurance. There were several items on your list that had not dawned on me to include on my list. I will be able to regain so much more money thanks to your help and your lists of items. Thanks!!!!!!!

Tea Fire Survivor, 2008