See IRS Tax Topic Number: 515 - Casualty, Disaster, and Theft Losses -  https://www.irs.gov/taxtopics/tc500/tc515

Individuals are required to claim their casualty and theft losses as an itemized deduction on  Form 1040, Schedule A (PDF) , Itemized Deductions .  For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year. 

For example - If you had a loss due to the flood of $88,000 and your Adjusted Gross Income was $250,000 then your deductible loss reported on Schedule A would be $250,000 -88,000 8,000 - $5,000 - $100 = $2,900.  Then your Total itemized deductions reported on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

See IRS Tax Topic Number: 515 - Casualty, Disaster, and Theft Losses -  https://www.irs.gov/taxtopics/tc500/tc515

Individuals are required to claim their casualty and theft losses as an itemized deduction on  Form 1040, Schedule A (PDF) , Itemized Deductions .  For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year. 

For example - If you had a loss due to the flood of $88,000 and your Adjusted Gross Income was $250,000, then your deductible loss reported on Schedule A would be $88,000 - $25,000 - $100 = $62,900.