How to Write Off Uninsured Home Losses

Even if you buy a good homeowner's insurance policy, if disaster strikes, you may end up with uninsured home losses, which your insurance won't cover.

I learned this the hard way when my husband called one night to say it was hailing so hard that baseball-sized hail was ripping holes in our window screens. I had never seen it hail like that before. Ever.

But sure enough, when I got home, the screens looked like a giant bear had clawed them to shreds. Not only that, but our roof was damaged and our vinyl siding looked like somebody had fired a machine gun at it over and over. Our insurance company had all kinds of reasons why it wasn't going to pay for a completely new roof and new siding.

After much screaming, yelling and threatening, our insurance company decided to ante up. But not all of our losses were 100% reimbursed. Fortunately, we discovered that our home losses were actually tax deductible. But primarily because we were lucky and kept good records. Well, and there are a few rules to follow. The I. R. S. always has rules . . . read more about Uninsured Home Losses.

More Articles by Elizabeth Weintraub:

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• How to Find a Real Estate Agent
  
• Handling Real Estate Counter Offers

_{©Elizabeth Weintraub}

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