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There are generally no deductibles for the liability portion of a homeowners or auto insurance policy. Instead, the deductibles apply to property damage. So, on in an auto policy, there is a deductible for the optional comprehensive or collision coverage, but not for the liability portion.
In 2014, you signed a 3-year insurance contract. Even though you paid the premiums for 2014, 2015, and 2016 when you signed the contract, you can only deduct the premium for 2014 on your 2014 tax return. You can deduct in 2015 and 2016 the premium allocable to those years.ee Publication 547. Loss of earnings. You cannot deduct premiums for a policy that pays for lost earnings due to sickness or disability. However, see the discussion on overhead insurance, item (8), under Deductible Premiums, earlier.