Jetty Renters Insurance Review
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If you’re renting a home or apartment, the chances are high that you’ll want renters insurance. Being able to protect your personal property with low-cost insurance products can give you the valuable peace of mind you need to rent with confidence. Beyond protecting your things, sometimes you’ll be able to cover the loss of use of your home or even medical bills and medical payments if you or a guest gets hurt on your property.
When evaluating renters insurance, it’s a good idea to weigh a few different things before deciding. Of course, cost is an important consideration for many policyholders, but so are other details like additional coverage options beyond a basic plan (including bed bug coverage). Before you pick an insurance agency to handle your renters insurance, think about what other things you might need from your coverage beyond valuables protection so you can quickly rule out any renters insurance companies that don’t fit your needs.
Looking for insurance quotes as a renter, you may come across a wide range of options. One less traditional choice is Jetty. While primarily a financial services company, Jetty offers renters insurance for property managers and renters. Our Jetty renters insurance review will help you understand how it works.
In this article
What is Jetty Renters Insurance?
While Jetty is primarily aimed at renters and property managers, it also offers jetty renters insurance policies through basic coverage options for as little as five dollars a month. That is a very low rate for an insurance plan, so if you’re happy with what the coverage offers as part of a basic plan, Jetty is definitely an option to keep on the table.
One thing to note about Jetty is that its Jetty Protect coverage for liability coverage is only available if you’re a tenant at a Jetty partner real estate property. These properties are nationwide, so they do have nationwide coverage, but you’ll want to talk to your leasing agent to see if Jetty is available where you’re renting.
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How does Jetty Renters Insurance work?
If you want to get Jetty renters insurance, also known as Jetty Protect, you’ll need to check with your leasing agent to see if you’re eligible. Once you know you are, you can easily log in online to your existing account and get personalized coverage in just a few taps on their mobile app. The entire process is incredibly streamlined and user-friendly.
How much does Jetty Renters Insurance cost?
Jetty advertises the basic plan on their website as costing as little as $5 a month. Jetty is well under the national average since most other insurance companies have coverage options ranging from $10 to $20 a month. Of course, if you add additional coverage — which Jetty refers to as “power-ups” — your cost will go up, and some regions of the United States may have a higher annual or monthly premium.
Another thing to note about Jetty regarding costs and fees is that Jetty doesn’t offer discounts. They have a perk through their member benefits that helps you save money at partner retailers, but that isn’t quite the same as saving money by combining different insurance products through one insurer. Even so, by choosing a higher deductible (Jetty offers deductibles in the $2,500, $1,000, $500, and $250 range), you can generally lower your premium a bit.
Jetty Renters Insurance features
So, how do you know if Jetty’s basic plan for renters insurance coverage is a good fit for you and your needs? Here are the major features that it comes with, as well as some other perks.
Standard coverage
Jetty’s standard coverage includes contents coverage, loss-of-use protection, liability insurance, and medical payments to others if they’re injured on your property. This coverage will apply to theft and damage from natural disasters like floods or fires. One thing to note about Jetty’s liability coverage is that there is a restricted list of dog breeds based on your state if you want liability coverage through them.
Additional coverage through “power-ups”
What some insurance agencies call “additional coverage,” Jetty calls “power-ups.” These are add-ons that you can use to customize your renters' insurance policy beyond the base plan to better suit your specific needs. Some of the powerups Jetty offers include coverage for things like:
- Bedbugs
- Certain valuables, such as musical instruments
- Scheduled personal property coverage for jewelry and other valuables not covered by your valuables power-up
- Up to $4,000 of added loss-of-use coverage
- Portable electronics
Low-cost basic coverage
A major perk of picking Jetty renters insurance is its low cost. Paying only $60 a year for basic renters insurance coverage offers a ton of value — especially when you look at what that basic coverage includes.
Who is Jetty Renters Insurance best for?
If you currently rent a property offering Jetty renters insurance, then it’s worth considering Jetty’s insurance coverage. If you already are using Jetty’s other financial services like Jetty deposit, Jetty credit, or Jetty rent, there’s even more incentive to look into their renters' insurance.
Who shouldn’t use Jetty Renters Insurance?
This may seem obvious, but if you aren’t renting from a leasing agency that qualifies you for Jetty, you shouldn’t use Jetty since you won’t be eligible. At the same time, if you need more comprehensive coverage, it may be worth comparing your options with larger name-brand options. Jetty truly shines in its basic coverage options and the value that coverage provides.
Related: Best Renters Insurance Companies
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Pros and cons
Pros
- Super easy to get coverage (if eligible). Assuming that you’re eligible for Jetty insurance through your leasing agency, adding Jetty Protect renters insurance coverage is an incredibly easy process. Simply log in to your existing account, and the process will only take a few minutes.
- Available in all 50 states. This benefit comes with a bit of a caveat, but Jetty is offered in all 50 states as long as your leasing agency or property manager has chosen to use it. As such, it’s a good idea to find out before taking a deeper dive into whether or not Jetty is right for you.
- Broad basic coverage. Even though Jetty calls its $5 policy “basic,” it has much more comprehensive coverage for renters insurance than other insurance agencies out there. For example, replacement cost coverage is something that generally requires additional coverage from other insurers, and Jetty offers that alongside liability protections.
- Inexpensive. It’s hard to complain about renters insurance that costs less than a latte from your local coffee shop each month! If the basic coverage is all you need, you’ll be more than happy paying $5 each month for basic coverage through Jetty — especially considering the value offered by the type of coverage included at this pricing tier.
Cons
- Reliant on property managers. One benefit of almost every other insurance agency out there is that you know immediately if you’re eligible for it and can carry it from state to state if you move as a renter. Since Jetty relies on your leasing agency or property management company, that’s an added hoop to jump through to get the coverage you want. The other side is that once you sign up, your materials are immediately sent to your property manager; however, that isn’t enough of a perk to outweigh the obstacle this could cause.
- Limited discount options. Other than changing the value of your deductible, you won’t find any ways to save or add additional discounts on your renter's insurance policy with Jetty. Of course, when you’re only paying $60 a year, that’s not the biggest drawback in the world, but it could come up if you’re adding on additional “power-ups” to get the coverage you need.
- Not rated by reputable third-party sources. Customer reviews of Jetty are quite positive, but those haven’t been independently verified by other organizations such as J.D. Power or A.M. Best. Additionally, while they have some reviews on the Better Business Bureau (BBB) website, many of these are about other financial products and services Jetty offers, not their renters insurance policies.
Jetty Renters Insurance vs. competitors
Jetty is unique because it is an extension of a financial services company, not a dedicated insurance company. Here’s how they stack up compared to more dedicated renters insurance providers, such as USAA, State Farm, and the online favorite, Lemonade.
Insurance provider | Available in all 50 states? | AM Best Rating | Mobile App |
USAA | Yes | A++ | Yes |
Jetty | Yes, with a caveat | No Rating | Yes |
State Farm | Yes | A++ | Yes |
Lemonade | No | No Rating | Yes |
USAA
As a dedicated insurer, USAA has an AM Best Rating of A++. That could be enough to sway you to their side, but when you remember that Jetty is primarily a financial services company aimed at renters and property managers, it makes sense why they wouldn’t cut to get reviewed by AM Best. Otherwise, as long as your leasing agency has Jetty available in your state, USAA and Jetty offer national coverage and a mobile app.
State Farm
State Farm is one of the biggest insurers in the country, so they may have more to offer when it comes to coverage options than Jetty. However, when it comes to price, Jetty is definitely the business to edge others out, as it’s hard to beat a $5 monthly cost — even when you bundle State Farm insurance products together. If AM Best ratings matter to you, you’ll be happy to see that State Farm also has an A++ rating.
Lemonade
Lemonade is an online-first digital insurer, so one thing they have in common with Jetty is no AM Best rating. Beyond that, Lemonade and Jetty are comparable in that they both offer mobile app experiences — and theirs are a bit more intuitive than State Farm or USAA’s mobile apps. One area Jetty comes ahead of when compared to Lemonade is that Lemonade is flat-out unavailable in some states where Jetty may be an option depending on who you lease from.
FAQs
What is Jetty known for?
As a financial services company, Jetty is known for a wide range of products aimed at landlords as well as property managers and renters. These include their insurance offering, sometimes called Jetty Protect, as well as Jetty Deposit, which offers an alternative to traditional security deposits, Jetty Rent, a loan program for paying your rent, and Jetty Credit, which helps you build your credit score by reporting your rental living expenses to credit bureaus similar to how your credit card payments get reported.
Do you need renters insurance?
In many cases, yes. While not all states or leasing agencies demand it, if you want to protect your personal belongings, you need to have a renters insurance policy. Since your landlord or property management company handles insurance for major features of your building, similar to home insurance, if you need to have your valuables covered from fire or flood, you’ll need your own separate renter's insurance policy.
Is Jetty available for renters insurance in all 50 states?
Yes, with a catch. Jetty is available in all 50 states, but that doesn’t mean that the apartment or home you rent qualifies. If your property manager uses Jetty, you’ll be eligible to pick it for your renters insurance.
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The bottom line
While most renters insurance options come from big-name insurance companies like State Farm, USAA, or Geico, one alternative to these companies is Jetty. The benefits of Jetty mostly come down to the cost of coverage and the value of that coverage compared to other insurers. After all, it’s hard to beat a $5 monthly premium that handles replacement costs.
Of course, the big drawback of Jetty is that it may only be available if your property manager has decided to use Jetty for other aspects of their business. Another thing to remember if you need additional coverage is that it can cost you more with Jetty than other insurers since they don’t offer any real discounts.
As you budget for your living expenses, it’s important to consider how insurance can help you protect your financial well-being and give you peace of mind. Similar to car insurance, having a renters insurance policy is one way to guard yourself from disaster if you currently rent your home or apartment.
Whether you go with Jetty or not is up to you, but knowing that you have an insurer to handle the claims process can be a big weight off your shoulders. As such, it is generally worth the minimal investment you’ll make paying an insurance premium monthly or annually to get a renters insurance policy.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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