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People’s Trust Insurance Offers Tips for Tax Savings Available to Florida Homeowners

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People’s Trust Insurance (PTI) recognizes that purchasing a house is most people’s biggest investment. With tax season now officially underway, the company is offering tips to help Floridians take advantage of tax deductions available only to homeowners.
Everything from mortgage interest and property taxes to new energy-efficient property and moving expenses can be deducted, potentially saving a homeowner thousands of dollars when they submit their tax forms to IRS. The last day to file income taxes this year is April 18.
“Our company is all about helping Floridians protect their most important asset, and there are many ways homeowners can use their house to save on taxes,” said George Schaeffer, the company’s Chief Executive Officer. “These tips can be a silver lining for homeowners in the midst of what is often a stress-filled time.”
Although homeowner’s insurance itself is generally not tax-deductible, there are two major exceptions: There may be a deduction available if you use your home for business with a home office, or if you rent out part of your home or own separate rental property.
Florida homeowners who itemize their taxes are eligible for a number of other tax deductions or credits, simply by virtue of owning a home. These include:

  • Mortgage interest deduction – A credit is available for the interest portion of your mortgage payments. Check your monthly mortgage statement for how much interest you paid in 2016.
  • Residential energy-efficient property credit – This is offered for homeowners who made their homes more energy efficient in 2016. The IRS website contains specifics on this potential credit.
  • Non-business energy property credit – This credit is available for Florida homeowners to offset some of the costs of qualified energy efficiency improvements, such as insulation, specific roofing materials, exterior doors, and windows and skylights.
  • Moving expenses – If you moved to start a new job in 2016, you may be able to deduct reasonable moving expenses. To qualify, you must have moved at least 50 miles and worked fulltime for at least 39 weeks in your new location.
  • Casualty, disaster and theft loss – Many Floridians were impacted by the hurricanes that hit Florida. If you suffered a loss that was the result of a sudden, unexpected or unusual event – not just a hurricane, but other kinds of storms or even theft – you may be able to deduct uncompensated losses relating to your home and valuables.
  • Property taxes – Property taxes may be unavoidable when you own a house, but the amount you paid in 2016 can be used as a deduction on your federal income taxes.

These are just some of the deductions and credits available to homeowners. More information is available at www.irs.gov.
About People’s Trust Insurance
Founded in 2008, People’s Trust Insurance has emerged as one of Florida’s top 10 home insurance companies, providing affordable Florida homeowner’s insurance rates and benefits not available anywhere else. Honored with the 2013 Enterprise Florida Governor’s Innovators in Business Award, People’s Trust provides a “Better Way” for over 145,000 Floridians to insure their homes. With more than 600 employees in its family of companies and an affiliation with Florida’s largest residential insurance restoration general contractor, People’s Trust is Florida’s best-prepared home insurance company and a full partner in policyholders’ recovery after loss.

People’s Trust Insurance Offers Tips for Homeowners to Protect Their Homes as Florida Enters Coldest Months

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People’s Trust Insurance knows that Florida may not truly experience winter, at least by hearty Midwestern standards, but temperatures do fall in the Sunshine State when the calendar flips over to January. Because Florida homes are better prepared to deal with heat than cold, the Florida home insurance company is offering convenient tips for Florida homeowners to protect their homes as the state deals with its chilliest months.

Florida’s average January temperature is 58 degrees, with average highs in the 70s through much of South and Central Florida. But Miami hit an all-time low of 36 degrees in January 2010, and the thermometer regularly plunges far lower in the northern parts of the state – the capital city once hit -2, and the average January low is just 39 degrees.

“Floridians need to prepare for chilly weather in January and February, because most of our homes simply aren’t prepared for the lowest temperatures we see,” said George Schaeffer, the company’s Chief Executive Officer. “Maybe we don’t need to stock up on rock salt and snow shovels, but there are steps we should all take to make sure our homes make it through winter in good shape.”

People’s Trust Insurance offers the following tips to help plan a winter home maintenance checklist and keep your house secure as temperatures begin to drop, inside and out:

  • Inspect and Insulate Doors and Windows – As much as 7 percent to 12 percent of a home’s heating loss occurs around windows and doors. Before winter arrives, inspect your home’s openings to ensure that they are properly sealed, and replace worn weather stripping to prevent warm air from escaping.
  • Prepare Pipes for Freezing Weather – Frozen pipes are the second leading cause of home insurance claims in the United States., according to the Insurance Information Institute. If you live in those parts of Florida that experience colder weather, consider insulating exposed pipes to keep them from freezing and bursting. The Federal Alliance for Safe Homes (FLASH)® recommends three steps to prevent frozen pipes. Foam: insulate outdoor pipes that are exposed to cold drafts; Dome: install an insulating dome or cover on outdoor faucets and spigots to help prevent water inside the pipes from freezing or expanding; Drip: on those infrequent cold days, let your faucets drip to reduce the buildup of water pressure inside the pipe.
  • Clear Dead Leaves and Brush – Following the recent active storm season, chances are yards and gutters are due for a cleaning. Clear dead leaves or brush that have accumulated around the yard, in gutters, and on the roof.
  • Prepare Your Backyard Pool – While Floridians don’t exactly need to “winterize” their backyard pools, there are important steps to take to keep a pool healthy during the offseason. For example, homeowners should vacuum the bottom, empty filters, and remove any surface debris – and also take adequate precautions against algae, which can still bloom during winter months.
  • Reverse Ceiling Fans – Homeowners can save up to 15 percent on annual heating costs by reversing ceiling fans to push warm air down during colder months. Setting fans to spin clockwise at a low speed will circulate warm air near the ceiling, reducing the need to use the home’s heating system.
  • Replace Air Filters – A dirty HVAC filter can cause a heating and cooling system to run inefficiently and drive up utility expenses. To prevent the buildup of dirt and dust, and to save money, homeowners should inspect air filters once a month and replace them every three months, if not more frequently. Changing HVAC filters will help improve air quality inside the home.
  • Inspect the Attic – Attics should be closely inspected for signs of water damage, infestation or insulation problems that could cause serious damage to the home if left unfixed. It’s important to catch any potential issues early to prevent them from becoming a widespread problem.

By following this winter home maintenance checklist, Florida homeowners will be ready for whatever winter throws at the Sunshine State.

About People’s Trust Insurance
Founded in 2008, People’s Trust Insurance has emerged as one of Florida’s top 10 home insurance companies, providing homeowners with affordable Florida homeowner’s insurance rates and benefits not available anywhere else. Honored with the 2013 Enterprise Florida Governor’s Innovators in Business Award, People’s Trust provides a “Better Way” for nearly 150,000 Floridians to insure their homes. With more than 600 employees in its family of companies and an affiliation with Florida’s largest residential insurance restoration general contractor, People’s Trust is Florida’s best-prepared home insurance company and a full partner in policyholders’ recovery after loss.