The renters insurance market was valued at $74.02 billion in 2024 and is estimated to reach $158.06 billion by 2034, exhibiting a CAGR of 7.6% from 2025 to 2034.
Renters insurance provides financial protection to individuals renting a home or apartment by covering personal property damage, liability, and additional living expenses in case of unforeseen events such as fire, theft, or natural disasters. Unlike homeowners insurance, renters insurance does not cover the structure of the building, however, focuses on the renter’s belongings and liability. This form of insurance has gained traction due to increase in number of renters globally, especially among millennials and urban dwellers. The market has expanded with the entry of insurtech startups offering affordable and customizable digital insurance solutions.
Surge in the global rental population, especially in urban areas where homeownership is increasingly unaffordable, significantly drives the growth of the renters insurance market. Rise in awareness among renters about the importance of protecting personal property and liability coverage further fuels demand. In addition, the growth of the digital economy and technological advancements in the insurance industry have made it easier for consumers to compare, purchase, and manage policies online. Personalized product offerings and the availability of instant claims processing and digital documentation further contribute to the rising adoption. Furthermore, landlords and property managers increasingly mandate renters insurance, pushing more tenants to secure coverage.
However, several factors hinder market expansion. A significant proportion of renters remain unaware of the benefits of renters insurance, especially in developing economies. Moreover, there is a prevailing misconception that landlords’ insurance covers tenants’ belongings, which limits policy uptake. Price sensitivity, especially among low-income renters, and skepticism about claim settlement processes also pose challenges. In some regions, lack of digital infrastructure or trust in online platforms slows the growth of digital distribution channels.
On the other hand, the evolution of insurtech and the integration of technologies such as artificial intelligence, machine learning, and big data analytics present lucrative opportunities for market players. These innovations enhance customer experience by streamlining underwriting and claims processing. Moreover, partnerships between insurance providers and property management companies or fintech platforms can expand reach. Emerging economies with rising rental markets offer untapped potential, especially when paired with educational initiatives to increase awareness about renters insurance and its value. For instance, in 2024, State Farm implemented significant rate increases for renters insurance policies in California, citing the need to stabilize its financial position amid rising insurance costs and wildfire-related losses. These adjustments affected approximately 30,000 customers and were part of a broader strategy to maintain operational viability in high-risk areas.
Renters insurance provides financial protection to individuals renting a home or apartment by covering personal property damage, liability, and additional living expenses in case of unforeseen events such as fire, theft, or natural disasters. Unlike homeowners insurance, renters insurance does not cover the structure of the building, however, focuses on the renter’s belongings and liability. This form of insurance has gained traction due to increase in number of renters globally, especially among millennials and urban dwellers. The market has expanded with the entry of insurtech startups offering affordable and customizable digital insurance solutions.
Surge in the global rental population, especially in urban areas where homeownership is increasingly unaffordable, significantly drives the growth of the renters insurance market. Rise in awareness among renters about the importance of protecting personal property and liability coverage further fuels demand. In addition, the growth of the digital economy and technological advancements in the insurance industry have made it easier for consumers to compare, purchase, and manage policies online. Personalized product offerings and the availability of instant claims processing and digital documentation further contribute to the rising adoption. Furthermore, landlords and property managers increasingly mandate renters insurance, pushing more tenants to secure coverage.
However, several factors hinder market expansion. A significant proportion of renters remain unaware of the benefits of renters insurance, especially in developing economies. Moreover, there is a prevailing misconception that landlords’ insurance covers tenants’ belongings, which limits policy uptake. Price sensitivity, especially among low-income renters, and skepticism about claim settlement processes also pose challenges. In some regions, lack of digital infrastructure or trust in online platforms slows the growth of digital distribution channels.
On the other hand, the evolution of insurtech and the integration of technologies such as artificial intelligence, machine learning, and big data analytics present lucrative opportunities for market players. These innovations enhance customer experience by streamlining underwriting and claims processing. Moreover, partnerships between insurance providers and property management companies or fintech platforms can expand reach. Emerging economies with rising rental markets offer untapped potential, especially when paired with educational initiatives to increase awareness about renters insurance and its value. For instance, in 2024, State Farm implemented significant rate increases for renters insurance policies in California, citing the need to stabilize its financial position amid rising insurance costs and wildfire-related losses. These adjustments affected approximately 30,000 customers and were part of a broader strategy to maintain operational viability in high-risk areas.
Segment Review
The renters insurance market is segmented on the basis of coverage type, application, distribution channel, and region. By coverage type, it is segregated into personal property coverage, liability coverage, and others. By application, it is divided into residential and commercial. By distribution channel, it is classified into agents & broker, bancassurance, and others. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.Key Findings
- By coverage type, the personal property coverage segment accounted for the largest share in 2024.
- On the basis of application, the residential segment dominated the renters insurance market in 2024.
- By distribution channel, the agents & broker segment accounted for the largest market share in 2023.
- Region-wise, North America generated the highest revenue in 2024.
Competition Analysis
The market players operating in the renters insurance market are TD Insurance, State Farm Mutual Automobile Insurance Company, Allstate Insurance Company, Liberty Mutual Insurance Company, The Travelers Companies, Inc., Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, GEICO, Erie Indemnity Co., Farmers Group, Inc., USAA Insurance Group, Root Inc., Hippo Enterprises Inc., Kin Insurance Technology Hub, LLC., Assurant Inc., American Modern Insurance Group, The Hartford Insurance Group, Inc., Chubb Limited, Lemonade, Inc., and Westfield Insurance. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the renters insurance market.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the renters insurance market analysis from 2024 to 2034 to identify the prevailing renters insurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the renters insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global renters insurance market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- End user preferences and pain points
- Investment Opportunities
- Product Life Cycles
- Senario Analysis & Growth Trend Comparision
- Technology Trend Analysis
- New Product Development/ Product Matrix of Key Players
- Pain Point Analysis
- Regulatory Guidelines
- Strategic Recommedations
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Brands Share Analysis
- Criss-cross segment analysis- market size and forecast
- Expanded list for Company Profiles
- Historic market data
- List of customers/consumers/raw material suppliers- value chain analysis
- SWOT Analysis
Key Market Segments
By Coverage Type
- Liability coverage
- Personal Property Coverage
- Others
By Application
- Residential
- Commerical
By Distribution Channel
- Agents and Broker
- Bancassurance
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- TD Insurance
- Allstate Insurance Company
- Liberty Mutual Insurance Company
- The Travelers Companies, Inc.
- Progressive Casualty Insurance Company
- GEICO
- Farmers Group, Inc.
- USAA Insurance Group
- Hippo Enterprises Inc.
- Assurant Inc.
- American Modern Insurance Group
- Chubb Limited
- Lemonade, Inc.
- Westfield Insurance
- State Farm Mutual Automobile Insurance Company
- Nationwide Mutual Insurance Company
- Erie Indemnity Co.
- Root Inc.
- Kin Insurance Technology Hub, LLC.
- The Hartford Insurance Group, Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RENTERS INSURANCE MARKET, BY COVERAGE TYPE
CHAPTER 5: RENTERS INSURANCE MARKET, BY APPLICATION
CHAPTER 6: RENTERS INSURANCE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: RENTERS INSURANCE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- TD Insurance
- Allstate Insurance Company
- Liberty Mutual Insurance Company
- The Travelers Companies, Inc.
- Progressive Casualty Insurance Company
- GEICO
- Farmers Group, Inc.
- USAA Insurance Group
- Hippo Enterprises Inc.
- Assurant Inc.
- American Modern Insurance Group
- Chubb Limited
- Lemonade, Inc.
- Westfield Insurance
- State Farm Mutual Automobile Insurance Company
- Nationwide Mutual Insurance Company
- Erie Indemnity Co.
- Root Inc.
- Kin Insurance Technology Hub, LLC.
- The Hartford Insurance Group, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
