Can I Claim Homeowners Insurance On My Taxes?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    This is not an accountant’s answer.  The expense for doing a business can be deducted.  If a part of a home is used to conduct a business, or as an “in-home” office, the percentage of the homeowner’s premium that would be represented by the space occupied by the business or office could be deducted from your schedule C.  You should let your homeowner’s policy company know that you are conducting a business or keeping a business office on premises.  This risk is excluded on most policies.  Interestingly there are some businesses that are not excluded; one is “piano lessons.”
    Answered on April 24, 2014
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