Over the five years to 2020, 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 residencies in which they live. Individuals who own the apartments, condominiums and cooperative units are provided with different insurance accounted for in the Homeowners' Insurance industry (see IBISWorld report OD4766). According to data from the US Census Bureau, the number of individuals who live in rent-occupied residencies has steadily increased since 2000.
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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