Generally, No. Most costs related to homeowners insurance are not tax-deductible on your federal tax return. This includes your home insurance premium as well as any property losses you incur. Of course, you have other tax benefits as a homeowner but they are not related to insurance. If you are a landlord or a homeowner that uses part of your home for business purposes, you may be able to deduct a portion of the insurance expense. Check with your tax professional for more information.