if you are a landlord?
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if you are a landlord?
========================================= MODERATOR'S COMMENT:
- please include the question in the body of the post
snipped-for-privacy@gmail.com ( snipped-for-privacy@gmail.com) asked whether the subject was deductible:
IMO, no! Property insurance specific to the unit being rented would be deductible, and such a policy might include a "comprehensive" clause which could include liability coverage ... but the usual personal liability "umbrella" coverage is purchased for one's personal or family protection, and would not therefore be properly charged to the rental property.
Bill
My umbrella policy covers claims that may arise from incidents that happen on my rental properties. So I've always taken the position that since it provides insurance on the rentals, it is deductible.
However, I divide the cost by the number of properties I have including my personal residence, so I am not deducting the portion that covers my personal residence.
snipped-for-privacy@gmail.com posted:
Your approach seems perfectly reasonable.
Bill
Will you use as the ratio the number of personal properties to the total number of properties, or square footage of personal properties to total square footage of all properties?
We are out of the country for a couple years, but kept our liability insurance, even though it does not cover anything we do outside the country. We do have two rentals in the U.S., and that policy would cover anything that might happen in connection with them, no? So, 100% of the policy?
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