Can I Claim Renters Insurance On My Taxes?

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   Chris Lynch

   Owner, Simple Choice Agency, Indianapolis

   The IRS does not look favorably on any personal insurance deductions such as car, home, boat, jewlery or fine art insurance or rental insurance. However, Renter's Insurance Can be tax deductible if you operate a business out of your home. In order to claim the renters insurance as a valid deduction you must allocate a certain percentage of your home as your office space and that portion theirof is tax deductible as part of eligible expenses. If you do not own a business, you cannot deduct your renter's insurance

   Answered on September 3, 2014

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