Jetty, here is the new way to insure homes and condos (in USA)

It takes two minutes take out an insurance policy, and just online. A New York insurtech start-up takes into account the insurance needs linked to housing, focusing on new products and customer experience

19 Sep 2017

Jetty wants to create an insurance company designed to meet the needs of modern urban consumers. Founded by Mike Rudoy and Luke Cohler, the company has already gathered a first $4 million investment, enough to trigger the start the start-up, at least to be operational in Pennsylvania, Illinois and Georgia, New Jersey and Florida, with expansion plans for all offers throughout the year.

It is still early to know if it will be a success, but a sunny future is conceivable, along with a partnership with Munich RE. The customer experience proposed by this young company is thrilling (few minutes to sign a policy), and moreover the company has outlined innovative policy models.

“The inhabitants of the city are a very important demography for us” said Rudoy, CEO and founder. “We are city dwellers. We have experienced some problems ourselves first. In designing the company, we considered that the traditional insurance industry had not satisfied the insurance needs of these consumers yet”.

Consumers whom the CEO refers to are in particular tenants, owners, condominiums, for whom the stipulation of an insurance cover may be more complicated than usual without providing a solution to a set of issues.

At the moment, startup has already launched four insurance products for these customers.

One of these is designed for apartment and condos owners and offers covering (for housing, all inclusive … even people!) for different types of “accidents” from fire to burglars, with a policy that can be further customized adding coverings and assistance.

There are then three different insurance products for tenants: Jetty Powerups, “a la carte” policies which can be added to the basic one, for things such as valuable items, art, jewelry, bicycles, wine collections, Airbnb, guarantee for damage to a guest. Another product is Jetty Passport, a replacement for the security deposit, usually required when renting a home, much less expensive than the traditional system.

The third and final insurance product called Passport Lease and acts as guarantor of the lease agreement, when required by those who rent.

In addition, Jetty offers a number of extra benefits to subscribers, providing discounts and promotions on food and beverages, home articles and services.

The entire experience from initial registration to deposit request can be completed online.

The startup enriches the overview of New York’s insurtech news, which already includes companies such as Oscar and Lemonade.

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