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Is renters insurance tax deductible?
I work from home and have heard that I can deduct the cost of my renters insurance on my taxes. Is it true that renters insurance is tax deductible?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It is true! Renters insurance is tax deductible as long as you operate a business from your home and have set aside a workspace or room for it.
If you currently work for a company and are a remote employee, you won’t be able to deduct your renters insurance from your taxes. However, if you own your own business and have a room in your apartment dedicated to it, you can likely deduct the cost of your insurance.
That said, you’ll want to check with a tax specialist before making any major changes to your deductions or taxes. Both
renters insurance
and taxes are intricate subjects, so having a specialist explain them is best. Once you find out whether you can deduct your renters insurance from your taxes, consider also taking the time to review your policy options with
Jerry
. Jerry’s experienced and friendly team of agents are here to answer your questions and provide advice on the best coverage options. View full answer
- Gregory R.
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