Renters insurance is not tax-deductible except in the following situations:
You use a part of your residence regularly and exclusively to operate a business. You then may deduct a portion of your renters insurance based on the dimensions of the space where you operate your business relative to the total size of the premises.
You are an employee and work in both your employer’s office and your rented premises. In this case, you can deduct a portion of your renters insurance in the same manner as a home office. Check with your accountant for complete details.