It depends on what is covered by the settlement.
Recoveries for damages to property is generally not taxable. But if you were already paid by your insurance company, you may have to pay them back. If you don't pay back the insurance company, then you have recovered twice for the same loss, and that might make it taxable, I would have to do some research.
If part of the settlement covers lost wages, pain and suffering, or punitive damages, that is taxable.