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Jetty Renters Insurance Review

Oct. 15, 2020
Insurance, Renters Insurance
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at a glance

  • Offers customizable renters insurance.
  • Has a membership benefits program.
  • Isn't available in all states.

Founded in 2015, Jetty is a specialized insurance agency that offers customizable renters insurance policies, including optional endorsements called Power-Ups. You can only get Jetty insurance if you live in one of the company’s partner properties and are not in the states of Florida or Indiana.

Jetty is able to act as lease co-signer and guarantee security deposits through its service called Jetty Deposit. The company also offers Unlock Deposit, which refunds a renter’s original security deposit and replaces it with either a smaller one-time payment or multiple monthly payments.

Jetty insurance pros and cons

ProsCons
Bedbug coverage included standard.Almost no discounts on your policy.
“Power-Ups” offer numerous optional coverages.You can only get Jetty insurance if you live in a Jetty partner property.

Jetty renters insurance

4.0 NerdWallet rating

Jetty renters insurance earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account coverage and discounts, ease of filing a claim, website transparency, financial strength, complaint data from the National Association of Insurance Commissioners and more.

Based on these ratings, Jetty is among NerdWallet’s Best Renters Insurance Companies.

Jetty renters insurance coverage

Jetty’s basic renters insurance policy pays for:

  • Damaged or stolen belongings.
  • Living expenses if your home is made uninhabitable due to a problem covered by the policy.
  • Unintentional damage you cause to another person or their property.
  • Medical bills if someone is injured on your property or if you, a household employee or an animal you own causes an injury off the property.
  • Bedbug infestations that have been certified by a licensed pest control professional (Jetty will pay up to $300).

Jetty policies can be customized by purchasing these “Power-Up” endorsements:

  • Valuables protection: Additional coverage for items worth over $1,000, like jewelry.
  • Personal electronics protection: Pays for damage to devices in situations excluded by a standard policy, like dropping and breaking.
  • Airbnb host theft protection: While you’re hosting through a short-term rental platform, provides the same property and liability coverage you normally receive. In certain situations, it also covers loss of rental income.

Jetty Deposit: In addition to renters insurance, Jetty offers a “surety bond” called Jetty Deposit, intended to make renting easier. Surety bonds are legal contracts made among three parties — in this case, you, the landlord and Jetty. With Jetty Deposit, Jetty replaces your security deposit — often a full month of rent — with either a one-time or monthly fee. These fees are calculated based on “soft” credit checks that won’t impact your credit score. If you opt for the monthly fee, you will pay it every month for the duration of your lease.

Unlock Deposit: Jetty recently unveiled Unlock Deposit, which returns a renter’s original, full security deposit in cash. In exchange for paying Jetty a one-time or monthly fee, the company returns the full deposit in cash to the renter. As with Jetty Deposit, the monthly fee is paid throughout your lease term.

Jetty policyholders also have access to a range of member benefits, including discounts on moving companies, furniture rental and food delivery.

Jetty doesn’t have agents; to receive a quote, you must submit a form through its website and live in one of its partner properties. Buying a policy takes less than two minutes, according to the company. Claims are made by submitting through the Jetty website or calling a 24-hour claims line.

Jetty renters insurance discounts

At this time, the only discount Jetty offers is for a security alarm system. And even if you have a system, it needs to have certain features in order for you to receive a discount on your premium.

Jetty complaints

Jetty works with a reinsurer — Toggle — that provides the actual coverage. Toggle had far fewer than the expected number of home insurance complaints to state regulators relative to its size, according to three years’ worth of data from the National Association of Insurance Commissioners. (The NAIC’s home insurance complaints cover a range of policy types, including renters and condo insurance.)

More about Jetty

Website: Jetty’s website offers a substantial amount of information about its renters insurance and deposit policies. However, you cannot get a quote directly through the site. If you live at a Jetty partner property, management will provide you with a unique URL that you then use to get your price.  Customer support is available by phone or email.

State availability: Jetty renters insurance is available nationwide except for Florida and Indiana. Jetty Deposit and Unlock Deposit are available in all 50 states and Washington, D.C.

Renters Insurance Ratings Methodology

NerdWallet’s renters insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints, coverage options, discounts, online experience and more. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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