You may owe tax on the sale of your rental property, but it's unlikely that $75,000 is the amount of income you'll need to report.
When you sell an asset like a rental house, you have to compute your "basis" in the house to get a correct calculation of your gain or loss in the sale.
If you paid $100,000 for your property, then the insurance reimbursement of $75,000 would result in a decrease in your basis, meaning your adjusted basis would be $25,000, and your gain would be $75,000.
However… you most likely had some expenditures that added to the adjusted basis of the property (and thereby reduce your gain).
Please see Table 1, Examples of Increases and Decreases to Basis, in the IRS's Publication 551, Basis of Assets.
Also see the TurboTax article Cost Basis: Tracking Your Tax Basis for more information.
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