If you operate a business out of your rental location, renter's insurance is deductible as a business expense. However, you only can deduct insurance for the portion of the rental space devoted regularly and exclusively to operating the business, which has to qualify under Internal Revenue Service guidelines for a home office. This means it also has to be your principal place of business -- not just a kitchen table that you use when you bring work home with you. You can also deduct a portion of renter's insurance if your employer requires you to work from home, and you do so in a dedicated workspace. If 20 percent of your apartment is taken up by a qualifying office, 20 percent of your renter's insurance can be deducted from your business income.