The short answer is no. The long answer is, it’s complicated.
Most homeowners insurance policies, HO6 insurance included, won’t allow you to deduct tax from its premiums. But you could still qualify for a tax deduction in the following cases:
You use your condo as a home office
A small portion of your insurance premium can be deducted if you’re using your condominium as an office. You can deduct a portion of your tax based on the square footage of your unit that you dedicate to being your home office.
Upwork reported in 2020 that 36.2 million American jobholders will be working remotely by 2025. And the current pandemic has forced many American workers to operate out of their own homes already. If you’re living in a condo unit that you own, you could potentially deduct a small portion of the tax.
You rent out your condo
Investing in real estate could qualify you for a tax deduction. Renting out your unit generates income, which qualifies your condo as being used for commercial purposes. Maintaining and operating a rental property can be written off as a business expense, thereby allowing you to get a tax deduction. In addition to condo insurance for your rental property, you should also look into landlord insurance.