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Do I have to pay taxes on my home insurance settlements?
My home burned down earlier this year and I received a settlement from my home insurance company to rebuild it. I’m budgeting before we hire a general contractor. Do you have to pay taxes on home insurance settlements?
Talullah Blanco · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m so sorry to hear your home burned down earlier this year.
The good news is you don’t have to pay taxes on your home insurance settlement. You can begin planning with your
general contractor
without setting aside a portion of the settlement to pay your taxes. Home insurance benefits are not taxable because they reimburse you for repair expenses. Insurance claims and payouts are designed to prevent profiting, meaning you do not gain income after filing one. Because of this, you won’t have to pay taxes.
Rebuilding a new home can be a long, frustrating, and expensive process, but finding affordable
home insurance
doesn’t have to be with Jerry
. After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy! So why do all that extra work when Jerry can do it better?
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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