Search 120,491 Tips
Types of Homeowners Insurance Coverage Policies
Taxes & Types of Homeowners Insurance
Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Types of Homeowners Insurance Coverage Policies and other Home Insurance topics.
Can I deduct my homeowners insurance premiums?
Taxes & Types of Homeowners Insurance
Taxes and homeowners insurance could very well be among the most dreaded topics encountered by most homeowners, and are often of special concern for new homeowners. This year, thanks to generous tax incentives designed to help new buyers become first-time homeowners, there is more reason than ever to understand how taxes and insurance will impact the bottom line. Fortunately, it is possible to reduce the sting associated with each simply by learning how the types of homeowners insurance are likely to impact your annual taxes.
- Mortgage payments are deductible, but fire and/or homeowners premiums are not if the home is your primary residence.
- Mortgage insurance premiums are deductible, but title insurance and mortgage payment protection insurance is not.
- Home insurance premiums for investment properties are deductible, but on a pro-rated basis depending upon the ratio of personal versus rental and/or other investment usage.
- Special situations, such as home office, second home, room rental or other unusual situations may also allow for partial deductions of homeowners insurance premiums based upon the percentage of use.
Not finding the advice and tips you need on this Home Insurance Tip Site? Request a Tip Now!
| Guru Spotlight |
| Heidi Splete |
