This is what I have found. A key reference is "Topic No. 515 Casualty, Disaster and Theft Losses" at
https://www.irs.gov/taxtopics/tc515 . It says "If you have a qualified disaster loss you may elect to deduct the loss WITHOUT ITEMIZING YOUR DEDUCTIONS. Your net casualty loss DOESN'T NEED to exceed 10% of your adjusted gross income to qualify for the deduction, but you would reduce each casualty loss by $500 after any salvage value and any other reimbursement. For more information, see the Instructions for Schedule A (Form 1040) or Instructions for Form 1040-NR."
In addition, "If your loss deduction is more than your income, you may have a net operating loss (NOL). You don't have to be in business to have an NOL from a casualty. For more information, refer to Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts."
Interestingly, Texas "[v]ictims of winter storms that began February 11, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments...." (from https://www.irs.gov/newsroom/irs-announces-tax-relief-for-texas-severe-wi[product key removed]ms titled "IRS announces tax relief for Texas severe winter storm victims" (If any of the links don't work for whatever reason, search by the text of the title(s) to these references.)
