Yes, if you aren't sure how much of your casualty or theft loss will be reimbursed, don't report the loss until the tax year when you become reasonably certain what will and what won't be reimbursed. (from IRS Instructions for Form 4684 When to Deduct a Loss).
Fair Market Value is generally determined by a competent appraisal. The appraiser's knowledge of sales of comparable property about the same time as the casualty or theft, knowledge of your property before and after the occurrence, and the methods of determining FMV are important elements in proving your loss.
Replacement cost or the cost of repairs isn't necessarily FMV, except under certain circumstances. Neither is your property tax assessment. Your best option is to obtain the assistance of a real estate appraiser in your area who is familiar with determining FMV for disaster-related properties.
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