By 2025, the renters insurance penetration rate will surpass 60%, up for 53% in 2022, and around $700 million in premium will be generated by new policies during that time frame, according to researcher firm Emarketer, Inc.
The renters insurance market was worth around $4.5 billion in 2023, according to IBISWorld.
The market researcher noted that insurers should focus on renters insurance products that are designed for policyholders with incomes of $150,000 or more annually, a segment that has been increasingly renting in recent years. This demographic is also more likely to purchase insurance, while landlords offering higher-end dwellings tend to mandate renters insurance.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
