Renters Insurance Market Report 2024

This Renters Insurance market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The renters insurance market size has grown strongly in recent years. It will grow from $89.22 billion in 2023 to $94.79 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth during the historic period can be attributed to several factors, including the rising trend of urbanization, increased awareness of the benefits of renters insurance, frequent property damage incidents, a growing supply of rental properties, and legal requirements.

The renters insurance market size is expected to see strong growth in the next few years. It will grow to $121.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth during the forecast period can be attributed to the expansion of digital insurance platforms, increased awareness and education efforts, integration with smart home technology, economic recovery and stability, and partnerships with real estate and property management firms. Key trends expected during this period include a rising demand for customizable policies, an expansion of coverage options, a greater focus on affordability, an emphasis on customer experience, and an increase in sustainability and green initiatives.

The growing frequency of natural disasters is expected to drive the expansion of the renters insurance market in the coming years. Natural disasters are sudden and intense environmental events caused by natural earth processes, resulting in significant damage, disruption, and loss of life or property. The rising occurrence of these events is largely attributed to the effects of climate change and environmental degradation. Renters insurance offers financial protection for tenants, covering losses or damage to personal property, as well as liability claims resulting from natural disasters. It helps cover costs such as repairs, temporary relocation, and replacing belongings. For example, in March 2024, the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) reported that 399 natural hazards and disaster events took place globally in 2023, slightly exceeding the 2022 average of 387 events. As a result, the increasing frequency of natural disasters is fueling the growth of the renters insurance market.

Key players in the renters insurance market are focusing on developing innovative solutions, such as artificial intelligence (AI)-powered renters insurance, to enhance the customer experience. AI-powered solutions use AI to automate underwriting, personalize coverage, and speed up claim processing. For instance, in April 2024, Kanguro Insurance, a US-based insurance company, launched a new renters insurance product for the Texas market. This product features AI-driven policy creation, affordable premiums tailored to customers' needs, and a streamlined claims process for added convenience. The company has designed a user-friendly claims process, making it easier for customers to manage their claims and ensuring that support is readily available. This product reflects a tech-forward, customer-centric approach, emphasizing accessibility, affordability, and personalized premiums that align with customers' budgets.

In April 2024, Doxa Insurance Holdings, a US-based insurance agency, acquired Renters Legal Liability LLC for an undisclosed amount. This acquisition aims to expand Doxa Insurance Holdings' product range, enhance market presence, and increase revenue, while also utilizing Renters Legal Liability's expertise to improve tenant risk management and customer satisfaction. Renters Legal Liability LLC is a US-based provider of renters insurance.

Major companies operating in the renters insurance market are State Farm Insurance, MetLife Inc., Nationwide Mutual Insurance Company, Allstate Property and Casualty Insurance Company., Liberty Mutual Insurance Company, Progressive Corporation, Chubb Limited, The Travelers Companies Inc., United Services Automobile Association (USAA), Hartford Financial Services, American Family Insurance Group (AFIG), Farmers Insurance Group, The Cincinnati Insurance Company, Mercury General Corporation, Amica Mutual Insurance Company, Westfield Insurance, Esurance, Grange Insurance, Edison Insurance Company, Intact Insurance Specialty Solutions, Root Inc., Lemonade Inc., Hippo Insurance Services, National General Insurance, SentryWest Insurance Services.

North America was the largest region in the renters insurance market in 2023. The regions covered in the renters insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the renters insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Renters insurance is an insurance policy designed for individuals who rent their living space, such as an apartment or house. It offers protection for personal belongings against risks such as theft, fire, and water damage, and may also provide liability coverage for accidents that occur within the rented property. This insurance helps renters recover financially from unexpected events that could damage or destroy their possessions.

The primary types of renters insurance include property coverage, guest medical coverage, and family liability coverage. Property coverage protects against financial loss due to damage or loss of physical property, including buildings and their contents. Distribution channels for renters insurance include both online and offline methods. It is applicable to various types of residences, such as apartments, condos, and homes, and is used by different end users, including both businesses and individuals.

The renters insurance market research report is one of a series of new reports that provides renters insurance market statistics, including renters insurance industry global market size, regional shares, competitors with a renters insurance market share, detailed renters insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the renters insurance industry. This renters insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The renters insurance market includes revenues earned by entities by providing services such as identity theft protection, water backup coverage, and replacement cost coverage. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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