Assuming that the insurance paid for repair of the damage -- then no it is not an income. Your out-of-pocket portion of the repair can be claimed as damages ( but often is not worth it unless large amounts are involved). Also note that there may be a basis change to the property --- say your property FMV just prior to the storm was $100,000, after the repair the FMV was $120,000 because of new 30 year roof -- then your basis in the property needs to be adjusted for the $20,000 (LESS any monies you put into it ) increase in value. Ditto for rental properties
