If there is one thing no one likes to do, it's pay taxes. No one likes to have to shell out thousands of dollars a year, but we all have to. Thankfully, Uncle Sam allows us to deduct a lot of major expenses from the amount we owe. This includes fees that we pay on homeownership. As many homeowners can tell you, it's possible to get a lot of tax breaks when you own a home. However, which tax breaks you qualify for can vary greatly depending on your situation and what you are doing with your house. This brings us to a question that many people tend to ask, especially when tax time starts inching around the corner. Is homeowners insurance tax-deductible, and if so, are there any specific guidelines you need to keep in mind when you're working on your taxes?