Volume Insights on the Renters Insurance Sector

The global renters insurance sector volume projection was valued at 451 million policies in 2024 and is projected to reach 746 million policies by 2034, registering a CAGR of 4.9% from 2025 to 2034.

Volume Insights Strategic Overview

Allied Market Research announces the release of its comprehensive analysis of renters insurance. Designed to protect the belongings of tenants, the renters insurance sector plays an important role in helping individuals manage financial risks related to personal property. Renters insurance offers coverage for valuable items such as electronics, furniture, clothing, and personal valuables that could be damaged or stolen. As more people choose to rent homes and apartments due to rise in awareness of unexpected risks such as fire, theft, or water damage, renters insurance is becoming a key part of financial planning. It ensures that people living in rented spaces have the right protection for their belongings without the high cost of replacing them out of pocket.

The report highlights the surge in demand for renters insurance as more people look forward to protecting their personal belongings in rented homes or apartments. The sector is growing as individuals become more aware of the value of their items and the risks of loss or damage due to theft, fire, or other unexpected events. Many people are realizing that standard renters policies mostly do not fully cover high-value items such as electronics, furniture, or jewelry. At the same time, digital tools such as mobile apps, online policy management, and smart claims systems using AI are helping renters get faster, easier, and more personalized coverage. Factors such as rapid urbanization, increase in trend of renting among young professionals and families, and need for affordable protection support the global growth of the renters insurance sector.

Surge in adoption of renters insurance has been witnessed as more people own valuable items such as electronics, jewelry, and personal belongings. Many renters have become aware that regular policies mostly do not fully protect these items, so they look for better coverage options. This shift is also driven by the need for more personalized protection and the desire to keep important belongings safe from theft, fire, or other unexpected events. These factors help shape the future of the renters insurance sector, making it more focused on individual needs and smarter protection. The global volume of renters insurance in application segment is expected to grow from 451 million policies in 2024 to 746 million policies by 2034, registering a CAGR of 4.9% during the forecast period. This growth is driven by more people renting homes and wanting to protect their personal belongings such as electronics, furniture, and valuables. In addition, there is also a rise in awareness about the importance of having coverage that fits each renter’s needs. Rise in use of digital tools in renters insurance, such as AI for risk checks and online policy management, has made it easier for renters to buy and manage insurance. These technological improvements have helped attract younger and more tech-savvy consumers. In addition, government support for expanding renters insurance in developing regions is expected to further boost industry growth.

Regional Renters Insurance Sector Volume Growth

North America dominated the Renters Insurance sector sales with 33% share in 2024 and a 2.5% CAGR by 20252034,  while Europe, Asia-Pacific, and LAMEA show strong growth at 5.4%, 6.5%, and 5.5% CAGR by 2024-2025 respectively, this rise is driven by more people understanding about the importance of protecting their personal belongings, better insurance rules, rise in incomes, and the surge in demand for insurance plans that are tailored to each renter’s needs. As a result, the renters insurance sector is expanding across different regions.

The regional analysis highlights significant variations in adoption trends and field potential across the globe. North America leads the renters insurance sector volume share, contributing over 33% of the total policies in 2024 and is expected to grow at a CAGR of 2.5% during the forecast period, driven by high awareness of rental property risks, established insurance providers, favorable regulations, and increasing demand from millennials & urban dwellers seeking affordable protection for personal belongings in rental housing environments. Asia-Pacific, led by countries such as China, Japan, India, South Korea, Australia, and other countries, is projected to maintain steady growth at a 6.5% CAGR during the forecast period, driven by rapid urbanization, growth in rental housing, increase in awareness of renters insurance benefits, supportive regulatory reforms, expansion in digital insurance platforms, and rise in middle-class population seeking affordable coverage options. Europe, with key players such as the UK, Germany, France, Italy, Spain, and other countries, is expected to grow at a 5.4% CAGR during the forecast period, driven by rise in adoption of digital insurance platforms, expansion of the rental housing sector, increase in demand for bundled home & liability coverage, and insurer efforts to offer more personalized & transparent renters insurance products. Meanwhile, LAMEA is expected to witness growth opportunities with a 5.5% CAGR during the forecast period, driven by increase in demand for affordable & flexible renters insurance solutions, rise in awareness of tenant protection, supportive regulations promoting insurance access, and surge in use of digital platforms across Latin America, the Middle East, & Africa.

Renters Insurance Sector Volume Growth, By Region, 2024-2034 (Million Policies)

Source: AMR Analysis

 Renters Insurance Country Sector Sales

U.S. and South Korea lead the renters insurance sector volume forecast, projected to reach 149 million policies and 28 million policies by 2034 at 2.1% and 4.4% CAGR respectively, while India (9.3% CAGR) and Canada (4.2% CAGR) are expected to emerge as high-growth regions driven by rise in demand for renters protection, increase in consumer awareness,  growth in ownership of high-value luxury assets, and expanding insurance regulations aimed at safeguarding high-value personal belongings.

The report identifies the U.S. and South Korea as the largest contributors to the renters insurance ecosystem in terms of active policies. U.S., with its well-established insurance infrastructure, strong consumer preference for flexible renters insurance options that allow item-specific coverage, and supportive regulatory environment, is projected to account for 149 million policies by 2034. This growth is driven by  increase in awareness of personal property protection, rise in rental housing demand, advances in digital policy management, and the expansion of affordable coverage options tailored to diverse renter needs. South Korea, on the other hand, remains a critical player in the Asia-Pacific region, growing at a steady 4.4% CAGR and accounting for 28 million policies by 2034.

Major areas such as India and Canada are expected to drive significant growth due to rapid urbanization, increase in renter populations, rise in awareness of renters insurance benefits, and surge in number of digital insurance platforms. In South Korea, the growth is fueled by the rise in demand for flexible renters insurance products, increase in awareness of personal asset protection, regulatory initiatives encouraging tenant coverage, and the expansion of digital insurance platforms. In addition, factors such as rapid urbanization, increase in rental property costs, and the increase in role of independent agents in promoting customized renters insurance solutions further support sector expansion.

Renters Insurance Sector Volume Share, By Country, 2024-2034 (Million Policies)

Source: AMR Analysis

Renters Insurance Sector Volume Trends

The report highlights the increasing demand for flexible and customizable renters insurance policies, driven by rise in consumer awareness and evolving needs to protect personal belongings. Regulatory frameworks are adapting to promote transparent, customer-focused insurance products, encouraging the sector to offer policies with greater personalization, comprehensive coverage options, and long-term protection. This shift is prompting insurers to develop innovative solutions tailored to diverse renter preferences.

Moreover, technological advances such as AI-powered underwriting, blockchain-based policy management, and digital distribution channels are significantly transforming the renters insurance sector. Automated claims processing, predictive analytics for risk assessment, and smart contract-enabled policies enhance operational efficiency, improve fraud prevention, and deliver a seamless & transparent experience to policyholders. These innovations are expected to boost demand for digitally enabled renters insurance solutions suited for tech-savvy consumers.

Furthermore, the study examines how changing demographics and economic factors are influencing renters insurance adoption. With rise in demand for protection of high-value personal assets, flexible coverage options, and financial security, insurers are focusing on policies offering adjustable premiums, extended coverage, and value-added services. In addition, as digital transformation reshapes the insurance industry, companies increasingly use online platforms, AI-driven advisory tools, and mobile policy management apps to expand their reach & improve customer engagement.

Renters insurance stakeholders leverage the report’s insights to identify new opportunities and devise effective growth strategies.

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