Casualty Loss

Loss of mass death taxes can generate casualty loss deductions can occur from a flood, hurricane, tornado, landslide or other natural disaster. The intuitive thought pattern is: "My apartment complex worth $ 5,000,000 suffered major damage totaling $ 1,500,000 for the repair and loss of income. Luckily, I was completely covered by physical damage and loss of income, other than small deductible. Apparently, there is no casualty loss you can claim as tax deduction, right? "