Conscious to protect one’s own belongings and liabilities against unforeseen events like theft, fire, or natural disasters are the major factors. Additionally, the rising number of multifamily housing units and rental properties are further fueling the demand for renters’ insurance. Online channels are offering convenience, easy comparison of policies, and streamlined account management, appealing to tech-savvy consumers. Furthermore, changes in lifestyle and demographics, including a growing number of millennials and Gen Z individuals opting for rental living due to flexibility and affordability are contributing to the expansion of the market. Insurers are introducing innovative coverages addressing new risks, such as coverage for electronic devices, identity theft, and pet damage, catering to evolving consumer needs. Additionally, insurers offering customizable and affordable policies, along with bundling options for renters’ insurance with other insurance products are making insurance more appealing and accessible to a wider demographic.
Offering personalized pricing based on individual risk profiles and demographic factors are the prime factors.
Insurance companies are providing more flexible policy structures, allowing renters to customize coverage limits, add endorsements for specific items or risks, and choose deductibles that suit their financial circumstances.
Further, Insurers are utilizing data analytics and technology to assess risks more accurately, enabling them to personalize premiums for renters based on factors such as location, credit history, past insurance claims, and lifestyle
Growing recognition among renters about the vulnerability of their personal belongings and assets to various risks like theft, fire, or natural disasters are influencing the market growth.
Additionally, the rising number of multifamily housing units and rental properties, coupled with urbanization trends are contributing significantly to the expansion of the renter population.
Further, increase in rental accommodations are boosting the need for insurance coverage leading to market growth.
The rising consumer preference for digital channels for insurance-related activities are increasingly driving the market growth.
Insurers are offering enhanced digital experiences, including streamlined application processes, interactive tools for policy customization, and efficient claims handling, which further contribute to the rising popularity of online platforms.
Further, the convenience, accessibility, and transparency offered by these platforms are resonating well with tech-savvy consumers, thereby boosting the adoption of the market.
The Renters Insurance Market is analyzed across Personal Possessions, Liability & Additional Living Expenses) . Personal Possessions is poised to register the fastest growth. This coverage type insures personal items against various risks such as theft, damage due to fire, vandalism, or natural disasters, offering financial protection for possessions like furniture, electronics, clothing, and other personal effects. Renters often value this coverage as it provides a sense of security, knowing that their belongings are financially protected against unforeseen events. Insurers typically offer different coverage limits and options, allowing renters to tailor their policies based on the value of their possessions. As the Renters Insurance Market evolves, insurers may increasingly offer additional enhancements within Personal Possessions coverage, such as coverage for high-value items, identity theft protection, or coverage for belongings outside the home.
The Renters Insurance Market is analyzed across various distributor type including Insurance Companies, Banks, Brokers/Agents & Others. Of these, Brokers/Agents held a significant market share in 2023. These professionals play a pivotal role by offering advice, guidance, and access to a wide array of insurance products from various carriers. Brokers and agents assist renters in navigating the complexities of insurance policies, assessing their specific needs, and recommending suitable coverage options. Their expertise in the market and understanding of different policy terms and conditions help renters make informed decisions regarding the type and level of coverage required to protect their belongings and liabilities adequately. Furthermore, brokers and agents facilitate the comparison of multiple policies, ensuring renters have a comprehensive understanding of available options, coverage limits, deductibles, and premiums. They act as advocates for renters during the claims process, providing assistance and support in case of covered losses or damages.
Oyster, a contemporary insurance platform for commerce, unveils the release of a new rental insurance product.
Root Insurance, the country's biggest property casualty InsurTech, launches a personalized, budget-friendly renters’ insurance, addressing authentic consumer needs.
By Protection Type
By Distribution Model
By Distributor Type
By End User
By Region
*List not exhaustive
Renters Insurance Market Outlook 2023
1 Market Overview
1.1 Introduction to the Renters Insurance Market
1.2 Scope of the Study
1.3 Research Objective
1.3.1 Key Market Scope and Segments
1.3.2 Players Covered
1.3.3 Years Considered
2 Executive Summary
2.1 2023 Renters Insurance Industry- Market Statistics
3 Market Dynamics
3.1 Market Drivers
3.2 Market Challenges
3.3 Market Opportunities
3.4 Market Trends
4 Market Factor Analysis
4.1 Porter’s Five Forces
4.2 Market Entropy
4.2.1 Global Renters Insurance Market Companies with Area Served
4.2.2 Products Offerings Global Renters Insurance Market
5 COVID-19 Impact Analysis and Outlook Scenarios
5.1.1 Covid-19 Impact Analysis
5.1.2 post-COVID-19 Scenario- Low Growth Case
5.1.3 post-COVID-19 Scenario- Reference Growth Case
5.1.4 post-COVID-19 Scenario- Low Growth Case
6 Global Renters Insurance Market Trends
6.1 Global Renters Insurance Revenue (USD Million) and CAGR (%) by Type (2018-2030)
6.2 Global Renters Insurance Revenue (USD Million) and CAGR (%) by Applications (2018-2030)
6.3 Global Renters Insurance Revenue (USD Million) and CAGR (%) by regions (2018-2030)
7 Global Renters Insurance Market Revenue (USD Million) by Type, and Applications (2018-2022)
7.1 Global Renters Insurance Revenue (USD Million) by Type (2018-2022)
7.1.1 Global Renters Insurance Revenue (USD Million), Market Share (%) by Type (2018-2022)
7.2 Global Renters Insurance Revenue (USD Million) by Applications (2018-2022)
7.2.1 Global Renters Insurance Revenue (USD Million), Market Share (%) by Applications (2018-2022)
8 Global Renters Insurance Development Regional Status and Outlook
8.1 Global Renters Insurance Revenue (USD Million) By Regions (2018-2022)
8.2 North America Renters Insurance Revenue (USD Million) by Type, and Application (2018-2022)
8.2.1 North America Renters Insurance Revenue (USD Million) by Country (2018-2022)
8.2.2 North America Renters Insurance Revenue (USD Million) by Type (2018-2022)
8.2.3 North America Renters Insurance Revenue (USD Million) by Applications (2018-2022)
8.3 Europe Renters Insurance Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)
8.3.1 Europe Renters Insurance Revenue (USD Million), by Country (2018-2022)
8.3.2 Europe Renters Insurance Revenue (USD Million) by Type (2018-2022)
8.3.3 Europe Renters Insurance Revenue (USD Million) by Applications (2018-2022)
8.4 Asia Pacific Renters Insurance Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)
8.4.1 Asia Pacific Renters Insurance Revenue (USD Million) by Country (2018-2022)
8.4.2 Asia Pacific Renters Insurance Revenue (USD Million) by Type (2018-2022)
8.4.3 Asia Pacific Renters Insurance Revenue (USD Million) by Applications (2018-2022)
8.5 South America Renters Insurance Revenue (USD Million), by Type, and Applications (2018-2022)
8.5.1 South America Renters Insurance Revenue (USD Million), by Country (2018-2022)
8.5.2 South America Renters Insurance Revenue (USD Million) by Type (2018-2022)
8.5.3 South America Renters Insurance Revenue (USD Million) by Applications (2018-2022)
8.6 Middle East and Africa Renters Insurance Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)
8.6.1 Middle East and Africa Renters Insurance Revenue (USD Million) by Country (2018-2022)
8.6.2 Middle East and Africa Renters Insurance Revenue (USD Million) by Type (2018-2022)
8.6.3 Middle East and Africa Renters Insurance Revenue (USD Million) by Applications (2018-2022)
9 Company Profiles
10 Global Renters Insurance Market Revenue (USD Million), by Type, and Applications (2023-2030)
10.1 Global Renters Insurance Revenue (USD Million) and Market Share (%) by Type (2023-2030)
10.1.1 Global Renters Insurance Revenue (USD Million), and Market Share (%) by Type (2023-2030)
10.2 Global Renters Insurance Revenue (USD Million) and Market Share (%) by Applications (2023-2030)
10.2.1 Global Renters Insurance Revenue (USD Million), and Market Share (%) by Applications (2023-2030)
11 Global Renters Insurance Development Regional Status and Outlook Forecast
11.1 Global Renters Insurance Revenue (USD Million) By Regions (2023-2030)
11.2 North America Renters Insurance Revenue (USD Million) by Type, and Applications (2023-2030)
11.2.1 North America Renters Insurance Revenue (USD) Million by Country (2023-2030)
11.2.2 North America Renters Insurance Revenue (USD Million), by Type (2023-2030)
11.2.3 North America Renters Insurance Revenue (USD Million), Market Share (%) by Applications (2023-2030)
11.3 Europe Renters Insurance Revenue (USD Million), by Type, and Applications (2023-2030)
11.3.1 Europe Renters Insurance Revenue (USD Million), by Country (2023-2030)
11.3.2 Europe Renters Insurance Revenue (USD Million), by Type (2023-2030)
11.3.3 Europe Renters Insurance Revenue (USD Million), by Applications (2023-2030)
11.4 Asia Pacific Renters Insurance Revenue (USD Million) by Type, and Applications (2023-2030)
11.4.1 Asia Pacific Renters Insurance Revenue (USD Million), by Country (2023-2030)
11.4.2 Asia Pacific Renters Insurance Revenue (USD Million), by Type (2023-2030)
11.4.3 Asia Pacific Renters Insurance Revenue (USD Million), by Applications (2023-2030)
11.5 South America Renters Insurance Revenue (USD Million), by Type, and Applications (2023-2030)
11.5.1 South America Renters Insurance Revenue (USD Million), by Country (2023-2030)
11.5.2 South America Renters Insurance Revenue (USD Million), by Type (2023-2030)
11.5.3 South America Renters Insurance Revenue (USD Million), by Applications (2023-2030)
11.6 Middle East and Africa Renters Insurance Revenue (USD Million), by Type, and Applications (2023-2030)
11.6.1 Middle East and Africa Renters Insurance Revenue (USD Million), by region (2023-2030)
11.6.2 Middle East and Africa Renters Insurance Revenue (USD Million), by Type (2023-2030)
11.6.3 Middle East and Africa Renters Insurance Revenue (USD Million), by Applications (2023-2030)
12 Methodology and Data Sources
12.1 Methodology/Research Approach
12.1.1 Research Programs/Design
12.1.2 Market Size Estimation
12.1.3 Market Breakdown and Data Triangulation
12.2 Data Sources
12.2.1 Secondary Sources
12.2.2 Primary Sources
12.3 Disclaimer
List of Tables
Table 1 Market Segmentation Analysis
Table 2 Global Renters Insurance Market Companies with Areas Served
Table 3 Products Offerings Global Renters Insurance Market
Table 4 Low Growth Scenario Forecasts
Table 5 Reference Case Growth Scenario
Table 6 High Growth Case Scenario
Table 7 Global Renters Insurance Revenue (USD Million) And CAGR (%) By Type (2018-2030)
Table 8 Global Renters Insurance Revenue (USD Million) And CAGR (%) By Applications (2018-2030)
Table 9 Global Renters Insurance Revenue (USD Million) And CAGR (%) By Regions (2018-2030)
Table 10 Global Renters Insurance Revenue (USD Million) By Type (2018-2022)
Table 11 Global Renters Insurance Revenue Market Share (%) By Type (2018-2022)
Table 12 Global Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Table 13 Global Renters Insurance Revenue Market Share (%) By Applications (2018-2022)
Table 14 Global Renters Insurance Market Revenue (USD Million) By Regions (2018-2022)
Table 15 Global Renters Insurance Market Share (%) By Regions (2018-2022)
Table 16 North America Renters Insurance Revenue (USD Million) By Country (2018-2022)
Table 17 North America Renters Insurance Revenue (USD Million) By Type (2018-2022)
Table 18 North America Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Table 19 Europe Renters Insurance Revenue (USD Million) By Country (2018-2022)
Table 20 Europe Renters Insurance Revenue (USD Million) By Type (2018-2022)
Table 21 Europe Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Table 22 Asia Pacific Renters Insurance Revenue (USD Million) By Country (2018-2022)
Table 23 Asia Pacific Renters Insurance Revenue (USD Million) By Type (2018-2022)
Table 24 Asia Pacific Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Table 25 South America Renters Insurance Revenue (USD Million) By Country (2018-2022)
Table 26 South America Renters Insurance Revenue (USD Million) By Type (2018-2022)
Table 27 South America Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Table 28 Middle East and Africa Renters Insurance Revenue (USD Million) By Region (2018-2022)
Table 29 Middle East and Africa Renters Insurance Revenue (USD Million) By Type (2018-2022)
Table 30 Middle East and Africa Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Table 31 Financial Analysis
Table 32 Global Renters Insurance Revenue (USD Million) By Type (2023-2030)
Table 33 Global Renters Insurance Revenue Market Share (%) By Type (2023-2030)
Table 34 Global Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Table 35 Global Renters Insurance Revenue Market Share (%) By Applications (2023-2030)
Table 36 Global Renters Insurance Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)
Table 37 North America Renters Insurance Revenue (USD)By Country (2023-2030)
Table 38 North America Renters Insurance Revenue (USD Million) By Type (2023-2030)
Table 39 North America Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Table 40 Europe Renters Insurance Revenue (USD Million) By Country (2023-2030)
Table 41 Europe Renters Insurance Revenue (USD Million) By Type (2023-2030)
Table 42 Europe Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Table 43 Asia Pacific Renters Insurance Revenue (USD Million) By Country (2023-2030)
Table 44 Asia Pacific Renters Insurance Revenue (USD Million) By Type (2023-2030)
Table 45 Asia Pacific Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Table 46 South America Renters Insurance Revenue (USD Million) By Country (2023-2030)
Table 47 South America Renters Insurance Revenue (USD Million) By Type (2023-2030)
Table 48 South America Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Table 49 Middle East and Africa Renters Insurance Revenue (USD Million) By Region (2023-2030)
Table 50 Middle East and Africa Renters Insurance Revenue (USD Million) By Region (2023-2030)
Table 51 Middle East and Africa Renters Insurance Revenue (USD Million) By Type (2023-2030)
Table 52 Middle East and Africa Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Table 53 Research Programs/Design for This Report
Table 54 Key Data Information from Secondary Sources
Table 55 Key Data Information from Primary Sources
List of Figures
Figure 1 Market Scope
Figure 2 Porter’s Five Forces
Figure 3 Global Renters Insurance Revenue (USD Million) By Type (2018-2022)
Figure 4 Global Renters Insurance Revenue Market Share (%) By Type (2022)
Figure 5 Global Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Figure 6 Global Renters Insurance Revenue Market Share (%) By Applications (2022)
Figure 7 Global Renters Insurance Market Revenue (USD Million) By Regions (2018-2022)
Figure 8 Global Renters Insurance Market Share (%) By Regions (2022)
Figure 9 North America Renters Insurance Revenue (USD Million) By Country (2018-2022)
Figure 10 North America Renters Insurance Revenue (USD Million) By Type (2018-2022)
Figure 11 North America Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Figure 12 Europe Renters Insurance Revenue (USD Million) By Country (2018-2022)
Figure 13 Europe Renters Insurance Revenue (USD Million) By Type (2018-2022)
Figure 14 Europe Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Figure 15 Asia Pacific Renters Insurance Revenue (USD Million) By Country (2018-2022)
Figure 16 Asia Pacific Renters Insurance Revenue (USD Million) By Type (2018-2022)
Figure 17 Asia Pacific Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Figure 18 South America Renters Insurance Revenue (USD Million) By Country (2018-2022)
Figure 19 South America Renters Insurance Revenue (USD Million) By Type (2018-2022)
Figure 20 South America Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Figure 21 Middle East and Africa Renters Insurance Revenue (USD Million) By Region (2018-2022)
Figure 22 Middle East and Africa Renters Insurance Revenue (USD Million) By Type (2018-2022)
Figure 23 Middle East and Africa Renters Insurance Revenue (USD Million) By Applications (2018-2022)
Figure 24 Global Renters Insurance Revenue (USD Million) By Type (2023-2030)
Figure 25 Global Renters Insurance Revenue Market Share (%) By Type (2030)
Figure 26 Global Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Figure 27 Global Renters Insurance Revenue Market Share (%) By Applications (2030)
Figure 28 Global Renters Insurance Market Revenue (USD Million) By Regions (2023-2030)
Figure 29 North America Renters Insurance Revenue (USD Million) By Country (2023-2030)
Figure 30 North America Renters Insurance Revenue (USD Million) By Type (2023-2030)
Figure 31 North America Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Figure 32 Europe Renters Insurance Revenue (USD Million) By Country (2023-2030)
Figure 33 Europe Renters Insurance Revenue (USD Million) By Type (2023-2030)
Figure 34 Europe Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Figure 35 Asia Pacific Renters Insurance Revenue (USD Million) By Country (2023-2030)
Figure 36 Asia Pacific Renters Insurance Revenue (USD Million) By Type (2023-2030)
Figure 37 Asia Pacific Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Figure 38 South America Renters Insurance Revenue (USD Million) By Country (2023-2030)
Figure 39 South America Renters Insurance Revenue (USD Million) By Type (2023-2030)
Figure 40 South America Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Figure 41 Middle East and Africa Renters Insurance Revenue (USD Million) By Region (2023-2030)
Figure 42 Middle East and Africa Renters Insurance Revenue (USD Million) By Region (2023-2030)
Figure 43 Middle East and Africa Renters Insurance Revenue (USD Million) By Type (2023-2030)
Figure 44 Middle East and Africa Renters Insurance Revenue (USD Million) By Applications (2023-2030)
Figure 45 Bottom-Up and Top-Down Approaches for This Report
Figure 46 Data Triangulation
By Protection Type
By Distribution Model
By Distributor Type
By End User
By Region