For the items expensed, the gain would be any insurance reimbursement in excess of the property's market value right before the storm. If the insurance reimbursement doesn't cover the costs to replace the items and make you whole, there will be no gain. There would only be a gain if you receive more than the amount needed to make you whole again. The suspended loss on Schedule E is fine.
Because the purpose of insurance is to "make you whole," you should generally only receive enough payment to bring you back to the state you were in before an incident occurred. You might receive a substantial payout from an insurer to fix your vehicle, but if the money is only used to repair your vehicle to its previous state, it won't be taxable.
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