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.
As with most types of insurance, when you purchase homeowner's insurance you pay for the annual premium and decide on a deductible amount to be paid when you file an insurance claim. The average annual premium for a homeowner's insurance policy in 2010 (the most recent year of data) was around $900, according to the Insurance Information Institute.