When you make deductions, you only need to account for the current year's coverage and not the entire amount if your premium provides coverage for some time longer than a year. In this case, you need to deduct the remaining premium during the year it's eligible. Condo insurance is valuable to protect your condo, possessions, and property against any unforeseen circumstances
, such as liability, theft, fire, or weather. Additionally, if you're considering taking out a mortgage, most lenders would require a policy. Hence, even without tax deductions, condo insurance will be worth it.