When Is Homeowners Insurance Deductible On Taxes?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    The only time that a homeowner’s premium would be deductible is if it was a business expense.  If part of your home is used for business purposes and you declare that on your income tax, that portion covering that percentage of your home would also be deductible.  Under some circumstances a homeowner’s policy might be purchased on a home that is let out to someone else.  This would rarely be recommended but if it happened, the premium would be deductible as a business expense.
    Answered on March 31, 2014
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