The actual amount of your loss is the decrease in fair market value of your property. This is often difficult to determine, so you can usually use the repair and cleanup cost as an estimate of the loss of value, as long as you don't make your property better in the process. (For example, if you have a 30 year old roof that is damaged, and replace it with a brand new roof, the cost of the new roof is not a fair estimate of the loss of value due to the damage of the old roof.)
