Over the five years to 2018, the Renters' Insurance industry has benefited from a growing preference among Americans to rent living spaces as opposed to buying homes. Industry operators provide insurance policies, namely HO-4 and HO-6 policies, to tenants of apartments, condominiums and cooperative units who do not own the residences in which they live. Industry operators have benefited in recent years from more individuals choosing to rent or lease living. As more people live in rent-occupied households, industry operators attain increased opportunities to provide consumers with renters' insurance. Moreover, in recent years, effective marketing has made consumers more aware of the relatively small amount they need to pay each year for renters' insurance. Over the five years to 2023, industry revenue is expected to continue growing at a slower pace. New operators that predominantly provide services online and through apps are forecast to continue to enter the industry during the period. These operators are expected to increasingly compete with existing operators on the basis of policy price, as the primary differentiator that consumers use in comparing policies. Increased price-based competition will stifle revenue growth.
This industry underwrites insurance policies (i.e. assumes risk and assigns premiums) for renters. Renters’ insurance protects against loss or damage to property due to theft, fire and other causes.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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