How Does an Insurance Claim Affect My Taxes or Tax Return? What Homeowners Need to Know!
When disaster strikes, filing an insurance claim is often your first step toward recovering financially and restoring your home. But many policyholders are left wondering—how does this impact my taxes? Will receiving a claim payout raise my tax bill, reduce my refund, or trigger IRS scrutiny?
When Should You Review or Revise Your Home Insurance Policy?
Home insurance isn’t a “set it and forget it” kind of protection. Life changes, and so do the needs of your home and family. Whether you've recently renovated, welcomed a new family member, or experienced a shift in finances, it’s essential to regularly review, revise, or adjust your home insurance policy to ensure it still provides the coverage you truly need.