Home insurance is one policy which protects the home and its contents from various risks such as fire, theft, water damage and civil liability. It is an important investment to ensure safety and peace of mind in the event of unexpected events. Coverages can vary depending on the owner’s needs, and can also include protections against natural events such as earthquakes or floods. Furthermore, in some specific cases, it is also possible deduct your home insurance.
Is home insurance deductible on the 730?
Typically, home insurance is not directly deductible on the 730. Le home insurance policieswhich include coverages such as theft, fire, water damage and civil liability, are not among the deductible expenses in the 730 form, except in some specific circumstances.
However, there are some exceptions and situations in which some components of the insurance policy may be deductible. If the policy includes a coverage for damage from natural events, in some cases this part of the policy can be included among the deductible expenses for natural disasters.
Specifically, home insurance is deductible from the 730 for 19% of the premium insurance paid for the policy that covers natural disasters. The deduction limit for natural disasters is therefore set by the total insurance premium paid.
But what are the deductible calamitous events?
With deductible calamitous events we are talking, for example, of floods, flooding, water bombs but also landslides and earthquakes.
It is worth remembering the home insurance deduction for fire is usually covered by the insurance policy which includes the calamitous events mentioned above.
Which home insurance policies are deductible?
In Italiahome insurance can be deductible for some specific categories. The main home insurance policies that can be deducted are:
Insurance against natural events: this insurance covers damage caused by natural events such as earthquakes, floods, landslides, etc.Theft and fire insurance: covers damage caused by theft, robbery and fire.Water damage insurance: covers damage caused by water infiltration, leaks or broken pipes.Family liability insurance: This coverage provides legal protection if you cause harm to others, such as physical or property damage, in or around your home.
Where to put home insurance in the 730?
In the 730 model, home disaster insurance can be included in the deductions section for healthcare costs, insurance, etc. In particular, this expense can fall into the category of security and insurance costs of real estate.
In detail, you need to follow the following steps to enter home insurance in the 730 form:
Access the deductions section for health expenses, insurance, etc. of form 730. Search for the item relating to “Expenses for property safety and insurance” or similar. Enter the total amount of expenses incurred for home insurance in the appropriate field. Make sure you have the relevant documentation available to the expenses incurred for any future checks.
Who deducts the policy against natural disasters?
In Italy, the tax deduction for the policy against natural disasters is carried out by taxpayer who directly supported the expense for insurance. Therefore, the policy holder can benefit from the tax deduction for expenses incurred as part of his tax return, such as in the 730 form or in the Single Tax Return, depending on the applicable tax regime.
If multiple people are involved in the ownership of the insured property, each of them can benefit from the tax deduction in proportion to the share of the property they own. For example, if two people own the property equally, each can deduct the 50% of the expenses incurred for insurance against natural disasters.
It’s important keep the documentation relating to the policy and expenses incurred for any checks by the Revenue Agency. If you have specific questions or concerns about the disaster insurance tax deduction, you should consult a tax professional or accountant.