Insurance payments would be taxable only if they are more than your cost basis. Let's separate your personal property and real property (real property is land plus anything permanently attached, such as your house).
For personal property, your cost basis is generally what you paid for the item(s). Suppose you have a sofa that cost $1000 5 years ago, that was damaged. Some insurance policies will pay fair market value, which for a used sofa might be $500. Some insurance policies will pay replacement cost, which is the cost of a similar new sofa. With inflation, let's say a replacement sofa is $1500. If your payment is more than your cost basis, the difference is taxable income. You would need to add up the cost of all your damaged personal items and compare to your settlement, and determine if any part is taxable.
For your real property, if the insurance settlement pays for repairs to restore the property to as-was condition, that is not taxable. If you made improvements, so that your property is better than it was before, that portion of the settlement is probably taxable, but you can also increase the cost basis of the property, which may reduce your capital gains tax later when you sell.
Basically, if the settlement made your financial situation better than before, that difference is going to be taxable.
Also, if this is business property like a rental, the settlement is 100% includable on your tax return as property income. You can, of course, deduct any costs you paid to repair or replace damaged property according to the normal rules for replacements and improvements of business property.
