Generally, prospects of permanently increased cash rents lead to increases in farmland prices. Since 2006, average cash rents in Illinois increased from $132 per acre in 2006 to $234 per acre in 2014, representing an increase of 77%.
If you're a landlord and claim rental income on your home, your homeowners' insurance on the portion of the property used for rental becomes tax-deductible. When you own several properties and those properties are used only for rental income, then all of the homeowners' insurance is tax-deductible. Consult your tax preparer for more details on how to deduct homeowners' insurance.
Earthquake deductibles. A deductible is the amount you pay before your insurance kicks in. The earthquake insurance deductible typically is a percentage of the insured amount. In other words, the deductible is a percentage of the amount of coverage, not a percentage of the amount of loss. Most insurers in Oregon sell coverage with 10 percent or 15 percent deductibles.