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.
Your homeowner's insurance policy is likely to cover certain types of water damage to the interior of your home. Exactly what it covers will depend upon several factors. First, the type and cost of the homeowner's policy that you carry will determine its deductible as well as any limits to payouts arising from specific claims.