Insurance payout on repairs count as rental income?

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I cant find this exactly on the IRS pages, but I have read on some sites that I may have to claim the insurance payment, as rental income, and then the entire cost of the repairs add to normal repair on schedule E. Is this correct? This is my first time doing my taxes with this situation.

A property had a flood (internal 1000 gallon holding tank), the total cost was just under 7000 for repairs, I had a 1K deductible so that is all I had to put in to get it fixed. The insurance company cut me a check for the rest.