Renters Market to Reach $74 billion by 2024 in the short term and $158.1 billion by 2034 Globally, at 7.6% CAGR: Allied Market Research

The global renter's insurance market is experiencing rapid growth due to rise in awareness of tenant risk protection, increased adoption of digital insurance platforms, and the growing need for personalized coverage options. Individuals are turning to renters insurance to ensure financial security, liability coverage, and protection of personal belongings.

WILMINGTON, Del., Nov. 17, 2025 /PRNewswire/ -- Allied Market Research published a report, titled, "Renters Insurance Market by Coverage Type (Liability coverage, Personal Property Coverage, and Others), Application (Residential and Commerical), and Distribution Channel (Agents & Broker, Bancassurance, and Others): Global Opportunity Analysis and Industry Forecast, 2025-2034". According to the report, the "renters insurance market" was valued at $74 billion in 2024, and is estimated to reach $158.1 billion by 2034, growing at a CAGR of 7.6% from 2025 to 2034.

In addition, the surge in online rental activity, government initiatives promoting financial inclusion, and the expansion of small and medium-sized rental housing units globally are further driving the need for scalable, user-friendly renters insurance solutions.

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Report Overview:

The renters insurance market focuses on providing financial protection and liability coverage for individuals leasing residential properties. These solutions help tenants safeguard personal belongings against risks such as theft, fire, and water damage, while also offering coverage for personal liability and additional living expenses. Renters insurance has become increasingly important in urban living environments, especially with the growing number of rental households and rising awareness of risk management among tenants. The growth of the renters insurance market is driven by increasing demand for affordable coverage options, rising rental rates, and the expansion of digital policy platforms.

However, challenges such as low penetration rates, limited tenant awareness, and misconceptions about landlord coverage continue to hinder market growth. Nonetheless, the rise in mobile-first insurance platforms, integration of artificial intelligence for personalized pricing, and simplified digital claims processes present strong opportunities for market expansion.

Key Segmentation Overview:

The Renters market is segmented based on Coverage Type, Application, Distribution Channel, and region.

• By Coverage Type: Liability coverage, Personal Property Coverage, and Others
• By Application: Residential and Commercial
• By Distribution Channel: Agents & Broker, Bancassurance, and Others
• By Region:
  • North America (U.S., Canada, and Mexico)
  • Europe (Germany, UK, France, Italy, Spain, and rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific)
  • LAMEA (Brazil, South Africa, UAE, Saudi Arabia, and rest of LAMEA)

Market Highlights

• By Coverage Type, the liability coverage segment dominated the renters insurance market in 2024 and is expected to continue leading due to its ability to protect tenants from legal and medical expenses arising from third-party claims, rising awareness of tenant responsibilities, and increased landlord requirements for liability coverage in rental agreements.
• By Application, the residential segment dominated the market in 2024 and is expected to continue leading owing to increased urban housing demand, rising tenant populations, and greater awareness of renters insurance benefits.
• By Distribution Channel, the agents and broker segment dominated the market in 2024 and is expected to continue leading due their personalized service, expert guidance, and ability to match renters with suitable coverage options easily.

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Report Coverage & Details:

Factors Affecting Market Growth & Opportunities:

The rapid increase in renting households and urban migration has heightened the need for affordable and efficient renters' insurance solutions. Factors such as digital policy platforms, AI-driven risk assessment, and growing awareness of tenant rights are driving the renter's insurance market forward, as individuals seek tailored protection to cover personal belongings, minimize liability risks, and ensure peace of mind in an increasingly mobile and rental-oriented lifestyle.

• Growing Urbanization and Renting Population: The rise in urban migration and increase in rental households is expanding the customer base for renters insurance, creating strong market potential.
• Digital Transformation: The adoption of digital platforms for policy purchase, claims filing, and customer service is improving accessibility and efficiency, boosting consumer interest and market penetration.
• Increasing Awareness and Education: Greater awareness about the risks of theft, fire, and liability in rental properties is encouraging tenants to opt for renters insurance, especially in high-density housing areas.

However, challenges such as low consumer awareness, limited understanding of coverage benefits, and reliance on landlord policies remain key issues for industry players. Renters insurance providers are focusing on digital education tools and personalized policy platforms to improve adoption, increase transparency, and address coverage gaps effectively.

Technological Innovations & Future Trends:

• Renters insurance providers are increasingly leveraging AI to automate underwriting, enhance risk assessment, and improve claims processing efficiency.
• Advanced features such as predictive analytics and fraud detection tools help minimize claim errors and offer faster settlements
• Cloud-based renters insurance platforms are gaining popularity for their scalability, enabling real-time policy management and seamless updates.

Integration with digital tools and smart home technologies is advancing, offering proactive alerts, personalized coverage, and enhanced customer experience with minimal manual intervention.

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Regional Insights

North America and Europe dominate the renters insurance market due to strong insurance infrastructure, high awareness of asset protection, and favorable regulatory policies. The widespread adoption of digital insurance platforms, availability of customized coverage options, and strong presence of insurance providers are key factors driving growth in these regions. The U.S. leads the market with advanced policy management tools and increasing demand for renters coverage among urban populations. In Europe, rising home rental rates and increased awareness of insuring personal belongings are fueling policy adoption, especially in countries with dense urban housing.

Asia-Pacific and Latin America are witnessing rapid growth in the renters insurance market, fueled by expanding middle-class populations, increased urbanization, and higher rental housing demand. Countries such as India, China, and Brazil are emerging as promising markets due to a growing awareness of the importance of renters coverage, improved digital access, and supportive government initiatives. The rising adoption of mobile-first insurance apps and tailored coverage for personal belongings is helping insurers reach a broader audience, accelerating market penetration across both developed and developing economies.

Key Players:

Major players in the renters market include 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 companies are focusing on expanding their service offerings, strategic partnerships, and enhancing cybersecurity measures. 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 market globally.

Key Strategies Adopted by Competitors

• In April 2024, Miami-based insurtech Kanguro Insurance launched its renters insurance in Texas, targeting the Latino community. They offer AI-powered policy creation, affordable bilingual coverage, and streamlined claims—all through partnerships with local agencies and property managers.
• In November 2023, Property management platform TurboTenant expanded its partnership with Sure, integrating digital renters insurance via Sure's API. This mobile-first implementation led to a 30% increase in policy adoption.

Key Benefits for Stakeholders

• The study provides an in-depth renters insurance market analysis along with the current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, & opportunities, and their impact analysis on the renters insurance market size is provided in the report.
• The Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the cybersecurity industry.
• The quantitative analysis of the global renters insurance market for the period 2024–2034 is provided to determine the renters insurance market potential.

Renters Insurance Market Report Highlights

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)

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