Yes.

Casualty Gain/Loss

Deductions -> Depreciation -> Disposition section -> "Casualty or Theft (4684)"

FMV before is whatever reasonable estimate you have of the FMV of the property (county tax records, etc).  FMV after is that same amount, minus the cost of the repair (that's the easiest method at least).  Enter the insurance payout in the "Insurance or other reimbursement" field.  If not reducing the basis, don't enter a "Date sold", instead override "1=short term, 2=long-term" so it shows up in the right section of the form.

In this case where the insurance payout was more than the cost of the repair, you end up with capital gain.

Basis Adjustment

Depreciation basis adjustment = repair cost - casualty loss. So there is no change in basis if the casualty loss is the same as the actual repair cost.