Updated about 4 years ago on .
Umbrella Write Off?
Hi All, I’ve been searching for advice on this but can’t turn up much. My question is can I write off a portion of my umbrella insurance policy?
For example: Say I own 2 rentals valued at $250k each, a car valued at $30k and my residence valued at $470k. This is a total value of $1M. If my umbrella policy is for $1M coverage and costs $200 / year, can I write off $100 per year to cover the portion of the umbrella dedicated to my rentals? Thank you.