Renters' Insurance in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)| IBISWorld (2024)

Industry Statistics and Trends

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Renters' Insurance in the US

Industry Revenue

Total value and annual change from . Includes 5-year outlook.

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Trends and Insights

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Market size is projected to over the next five years.

Trends and Insights

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    Market share concentration for the Renters' Insurance industry in the US is , which means the top four companies generate of industry revenue.

    The average concentration in the sector in the United States is .

    Trends and Insights

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    Renters' Insurance in the US

    Products & Services Segmentation

    Industry revenue broken down by key product and services lines.

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    Table of Contents

    About this industry

    Industry definition

    What's included in this industry?

    Companies

    Industry Code

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    Related Industries

    Domestic industries
    Competitors
      Complementors
        International Industries

          Performance

          insights

          charts

          Revenue Highlights

          Trends

            Employment Highlights

            Trends

              Business Highlights

              Trends

                Profit Highlights

                Trends

                  Current Performance

                  Charts
                    Analysis

                    What's driving current industry performance in the Renters' Insurance in the US industry?

                    + insights available

                    Outlook

                    Analysis

                    What's driving the Renters' Insurance in the US industry outlook?

                    + insights available

                    Volatility

                    Analysis

                    What influences volatility in the Renters' Insurance in the US industry?

                    + insights available

                    Charts
                    • Industry Volatility vs. Revenue Growth Matrix

                    Life Cycle

                    Analysis

                    What determines the industry life cycle stage in the Renters' Insurance in the US industry?

                    Charts
                    • Industry Life Cycle Matrix

                    + insights available

                    Products and Markets

                    insights

                    charts

                    Highlights

                    Trends

                      Key Takeaways

                      insights available

                      Products and Services

                      Charts
                      • Products and Services Segmentation
                      Analysis

                      How are the Renters' Insurance in the US industry's products and services performing?

                      + insights available

                      Analysis

                      What are innovations in the Renters' Insurance in the US industry's products and services?

                      + insights available

                      Major Markets

                      Charts
                      • Major Market Segmentation
                      Analysis

                      What influences demand in the Renters' Insurance in the US industry?

                      + insights available

                      International Trade

                      Heat maps
                      • Industry Concentration of Imports by Country
                      • Industry Concentration of Exports by Country
                      • Industry Trade Balance by Country
                      Analysis

                      What are the import trends in the Renters' Insurance in the US industry?

                      + insights available

                      Analysis

                      What are the export trends in the Renters' Insurance in the US industry?

                      + insights available

                      Geographic Breakdown

                      insights

                      charts

                      Key Takeaways

                      insights available

                      Business Locations

                      Heat maps
                      • Share of Total Industry Establishments by Region ()
                      Data Tables
                      • Number of Establishments by Region ()
                      Charts
                      • Share of Establishments vs. Population of Each Region
                      Analysis

                      What regions are businesses in the Renters' Insurance in the US industry located?

                      + insights available

                      Competitive Forces

                      insights

                      charts

                      Highlights

                      Trends

                        Key Takeaways

                        insights available

                        Concentration

                        Charts
                        • Combined Market Share of the Four Largest Companies in This Industry ()
                        • Share of Total Enterprises by Employment Size
                        Analysis

                        What impacts market share in the Renters' Insurance in the US industry?

                        + insights available

                        Barriers to Entry

                        Charts
                          Analysis

                          What challenges do potential entrants in the Renters' Insurance in the US industry?

                          + insights available

                          Substitutes

                          Analysis

                          What are substitutes in the Renters' Insurance in the US industry?

                          + insights available

                          Buyer and Supplier Power

                          Charts
                          • Upstream Buyers and Downstream Suppliers in the Renters' Insurance in the US industry
                          Analysis

                          What power do buyers and suppliers have over the Renters' Insurance industry in the US?

                          + insights available

                          Companies

                          insights

                          charts

                          data table

                          Key Takeaways

                          insights available

                          Market Share

                          Charts

                          Companies

                          Data Tables

                          Top companies by market share:

                          • Market share
                          • Revenue
                          • Profit
                          • Profit Margin

                          Company Snapshots

                          Company details, summary, charts and analysis available for

                          Company Details
                          • Total revenue
                          • Total operating income
                          • Total employees
                          • Industry market share
                          Company Summary
                          • Description
                          • Brands and trading names
                          • Other industries
                          Analysis

                          What's influencing the company's performance?

                          + insights available

                          External Environment

                          insights

                          charts

                          Highlights

                          Trends

                            Key Takeaways

                            insights available

                            External Drivers

                            Charts
                              Analysis

                              What demographic and macroeconomic factors impact the Renters' Insurance in the US industry?

                              + insights available

                              Regulation and Policy

                              Analysis

                              What regulations impact the Renters' Insurance in the US industry?

                              + insights available

                              Assistance

                              Analysis

                              What assistance is available to the Renters' Insurance in the US industry?

                              + insights available

                              Financial Benchmarks

                              insights

                              charts

                              data tables

                              Highlights

                              Trends

                              Key Takeaways

                              insights available

                              Cost Structure

                              Charts
                              • Share of Economy vs. Investment Matrix
                              • Industry Cost Structure Benchmarks:
                                • Marketing
                                • Depreciation
                                • Profit
                                • Purchases
                                • Wages
                                • Rent
                                • Utilities
                                • Other
                              Analysis

                              What trends impact cost in the Renters' Insurance in the US industry?

                              + insights available

                              Financial Ratios

                              Charts
                              • 3-4 Industry Multiples (2018-2023)
                              • 15-20 Income Statement Line Items (2018-2023)
                              • 20-30 Balance Sheet Line Items (2018-2023)
                              • 7-10 Liquidity Ratios (2018-2023)
                              • 1-5 Coverage Ratios (2018-2023)
                              • 3-4 Leverage Ratios (2018-2023)
                              • 3-5 Operating Ratios (2018-2023)
                              • 5 Cash Flow and Debt Service Ratios (2018-2023)
                              • 1 Tax Structure Ratio (2018-2023)

                              Key Ratios

                              Data tables
                              • IVA/Revenue ()
                              • Imports/Demand ()
                              • Exports/Revenue ()
                              • Revenue per Employee ()
                              • Wages/Revenue ()
                              • Employees per Establishment ()
                              • Average Wage ()

                              Key Statistics

                              2 data tables

                              Industry Data

                              Data Tables

                              Including values and annual change:

                              • Revenue ()
                              • IVA ()
                              • Establishments ()
                              • Enterprises ()
                              • Employment ()
                              • Exports ()
                              • Imports ()
                              • Wages ()

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                              Frequently Asked Questions

                              What is the market size of the Renters' Insurance industry in the US?

                              The market size of the Renters' Insurance industry in the US is measured at in .

                              How fast is the Renters' Insurance in the US market projected to grow in the future?

                              Over the next five years, the Renters' Insurance in the US market is expected to . See purchase options to view the full report and get access to IBISWorld's forecast for the Renters' Insurance in the US from up to .

                              What factors are influencing the Renters' Insurance industry in the US market trends?

                              Key drivers of the Renters' Insurance in the US market include .

                              What are the main product lines for the Renters' Insurance in the US market?

                              The Renters' Insurance in the US market offers products and services including .

                              Which companies are the largest players in the Renters' Insurance industry in the US?

                              Top companies in the Renters' Insurance industry in the US, based on the revenue generated within the industry, includes .

                              How many people are employed in the Renters' Insurance industry in the US?

                              The Renters' Insurance industry in the US has employees in United States in .

                              How concentrated is the Renters' Insurance market in the United States?

                              Market share concentration is for the Renters' Insurance industry in the US, with the top four companies generating of market revenue in United States in . The level of competition is overall, but is highest among smaller industry players.

                              Methodology

                              Where does IBISWorld source its data?

                              IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.

                              Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

                              IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.

                              To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.

                              Renters' Insurance in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)| IBISWorld (2024)

                              FAQs

                              What is the market size of renters insurance? ›

                              The market size, measured by revenue, of the Renters' Insurance industry was $4.5bn in 2023. What was the growth rate of the Renters' Insurance industry in the US in 2023? The market size of the Renters' Insurance industry increased 1.3% in 2023.

                              What is the market size of the insurance industry in the US? ›

                              In 2022, insurance premiums written in the United States amounted to 1.48 trillion U.S. dollars, which includes property/casualty premiums in addition to life/annuity premiums.

                              What percentage of Americans have renters insurance? ›

                              55 percent of U.S. renters, or 61 million people, currently have renter's insurance policies. It's often not their choice, as 75% of covered renters are covered because of a requirement by their landlord.

                              How many people don't have renters insurance? ›

                              In fact, according to the Insurance Information Institute, 63% percent of renters don't have renters insurance, maybe because they think it's too expensive, or unnecessary, or they believe they're covered by a landlord or roommate's insurance policy.

                              Which state has the highest renters insurance? ›

                              States with the highest renters insurance premiums
                              • Louisiana. Average annual cost for renters insurance ($60,000 in coverage): $626. ...
                              • Maine. Average annual cost for renters insurance ($60,000 in coverage): $312. ...
                              • Rhode Island. ...
                              • North Carolina. ...
                              • Arkansas. ...
                              • Mississippi. ...
                              • Michigan. ...
                              • Alabama.
                              May 9, 2024

                              What is the most common amount for renters insurance? ›

                              Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

                              How much is renters insurance in the US? ›

                              The average cost of renters insurance is about $15 to $20 per month1. However, what you end up paying depends on a number of factors. Take a look at the information below to find out how your home or apartment renters insurance cost is determined.

                              Why is renters insurance important? ›

                              Renters insurance can help you repair or replace property after loss due to many types of damage or theft. It can also provide coverage for an accident at your residence. Policies usually have very affordable annual premiums. Note that your landlord's property insurance doesn't cover your belongings.

                              What are the statistics of renters in the US? ›

                              How many people rent in the U.S.? According to our predictions based on the latest Census data, there could be over 109 million people renting homes in the U.S. as of 2023. The last official figures collected were in 2021, when over 102 million renters were confirmed.

                              Why do people not buy renters insurance? ›

                              Many renters feel that since they don't own the property the live in, there is no need for insurance. Surveys have revealed that over half of those who rent a house, apartment or condo have not bought renters insurance.

                              Why is renters insurance so much cheaper than homeowners insurance? ›

                              Costs of homeowners insurance vs. renters insurance. In general, you can expect your renters insurance quote to be less than for homeowners insurance. That's because homeowners insurance includes the building structure itself, which isn't the case for renters insurance policies.

                              When did renters insurance become popular? ›

                              Renter's insurance was likely introduced toward the end of the century, as apartment living became fashionable among the wealthy in urban areas, especially New York City.

                              How big is the US rental market? ›

                              The market size, measured by revenue, of the Apartment Rental industry was $279.4bn in 2023. What was the growth rate of the Apartment Rental industry in the US in 2023? The market size of the Apartment Rental industry increased 3.8% in 2023.

                              What is the market capacity of insurance? ›

                              Insurance capacity, a key concept in the insurance industry, refers to the maximum amount of risk an insurance company or market can assume, based on its financial resources and solvency.

                              What is the largest insurance market? ›

                              The United States is the largest insurance market globally by a wide margin. In 2022, the. China was the second largest market, though the U.S. market was more than four times the size of the Chinese market.

                              How big is the US property insurance market? ›

                              According to Statistica, the market size for P&C and Direct insurance is at an all time high, up to $843.63 billion, and up by $22 billion from the previous year in 2023.

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