If you are asking if you are required to claim a Property and Casualty Loss (see About Casualty Deduction for Federal Income Tax) you do not have to claim it. If your insurance covers most of the costs it may not make a difference, but in some cases it can help.
If you choose not to use the casualty loss, and you pay for any repairs you may be able to deduct or depreciation assets. In addition, if you sell the property for less because of the condition, you may have less gain on the sale.
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