Umbrella Insurance

[bbraden01]

When my wife and I started renting my old house a few years ago we decided we should get umbrella insurance; however, when we went to buy it we found out we couldn't just get umbrella insurance for the rental as the rental could only be a rider on the policy.  On our annual bill, it does not distinguish how much is paid specifically for the rental so the past couple years I've contacted my insurance agent to ask how much of the bill was specific to the rental to write-off as insurance expenses.  However, this year I was thinking; if the only reason I purchased the umbrella policy was because of the rental, can I just write off the entire expense or do I need to continue calling my insurance agent every year to find out how much is attributed to the rental?

[Mike9241]

no you can't because the umbrella protects you from other losses that don't relate to the rental. ask your agent if other cheaper forms of coverage are available.   many people carry umbrella policies because it covers them for losses in excess of the stated coverage for auto/home/boats.    

[bbraden01]

So just so I know I'm clear, I can still deduct the portion that specifically relates to the rental I just can't deduct the whole policy because it technically covers more than just the rental?

[Critter-3 · Accepted solution]

Correct ... you can deduct the rental portion.