Sorry if I did not conveyed myself clearly. As I said, the estimation is not really important. It may be yours or otherwise. So far as IRS is concerned, it usually looks into basis of your property. If the reimbursement amount that you received is HIGHER Than the basis of your property, you don't have a loss, and therefore CANNOT DEDUCT OR CLAIM irrespective of the replacement value.
However, if the reimbursement that you have is LOWER than the adjusted basis / basis of the property damaged, you can deduct or claim the DIFFERENCE, (basis / adjusted basis minus reimbursement) as a loss.
From what I understand from your situation, such losses are classified as "Nonbusiness Casualty and Theft" losses. You will have details here.
Let me know if this makes it clear. Or else, I shall opt out and set other expert assist you with this.
I am sure this would help. I wish you good luck.
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