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Is home insurance tax deductible?
I’m in the process of filing my taxes. As a new homeowner, I’m hoping to claim some of the expenses I’ve incurred. Is homeowners insurance tax deductible?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I hear you—claiming certain expenses can make such a difference! Home insurance is usually not tax deductible unless you are a landlord or run a small business from home.
Home insurance offers necessary protection from a
variety of perils
, but unless a federally declared disaster damages your home, you likely won’t be able to claim the expenses. There are two main exceptions to this rule:
- You use your home for business. If you have a home office or use part of your home to run a small business, you might be able to deduct a percentage of your annual premium. To do this, calculate the square footage of the space you’ve allocated for your business and deduct the equivalent amount of your premium as a business expense.
- You’re a landlord and receive a rental income. The rented portion of your home is tax-deductible. In fact, you can deduct the home insurance on any rental property you own. To claim any portion of your home insurance, you’ll have to file an itemized tax return. If you’re unsure about your eligibility, It’s always best to consult a tax professional before making a claim.
Even if you’re not eligible to deduct home insurance payments, you shouldn’t pay more than you have to for the right coverage. With licensed broker
Jerry
, you’ll get affordable quotes from the top name-brand insurance companies in seconds. Jerry will even help you cancel your old policy.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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