Yes! You are permitted to make a tax deduction for the entire landlord insurance premium for your rental property. The IRS considers this a normal business expense when renting out real estate.
Landlord insurance policies usually cost about 25% more than homeowners insurance policies, according to the Insurance Information Institute. The average cost of landlord insurance was $1,478 in annual premium, and the average cost of homeowners insurance was $1,192, as of a few years back. For example, we got insurance quotes for a typical 3-unit Chicago […]
Yes. According to the Insurance Information Institute, a landlord insurance policy costs about 25% more than a homeowners insurance policy for the same property. The primary reasons for the difference in cost revolve around who is occupying the home. Insurance providers often see lower average claim amounts and fewer claims for owner-occupied homes when compared to […]