In designing our offerings, we found that the 'standard' features that come with a typical Basic Basic Renters Insurance Plan often fall short of providing the full protection folks like us would want and expect out of our insurance.
To make up for that, we created Jetty Power-Ups—special bonus protections (technically called 'endorsements') which you can tack onto your plan to ensure that you're fully covered in all aspects of your life.
Currently, Power-Ups are available for all Basic Renters Insurance Plans, and we go into a lot of detail as to what's covered under the Basic plans vs. what's covered under Power-Ups in the article How do Jetty's Renters Insurance plans work?
A separate question you might ask is, Why not just include all the Power-Ups in the Basic plans to begin with. There are two main reasons for this:
- The Basic plans are designed to work for the 'average' person, and so Power-Ups allow you to adjust what you're being protected for while keeping prices low on the core of what we offer. In other words, if we adjusted the Basic plans to cover the entire universe of features offered under all of our Power-Ups, we'd be offering something extremely comprehensive but also much more expensive—something excessively comprehensive and also excessively expensive for most people.
Imagine we were a build-a-burger restaurant with numerous different options for cheeses, toppings, sauces and extra meats. We theoretically could present you with a tray of every single custom topping we offer, charge you for the entire set and then say, 'Take the ones you want, and throw away the ones you don't.' But you'd probably be pretty annoyed that you're paying for seven different types of cheese, when all you wanted was Swiss, so it would be much more efficient for everyone to say, 'Hey, just start with a basic burger—a bun plus a patty—and then pay us for each individual, additional topping you want, such that you don't overpay and nothing goes to waste.
It might sound weird to talk about insurance in this way, but in reality it's just a product like anything else. So the more we throw in, the more we have to charge. There's no free lunch (and no free burgers)...
- Changing the Basic plans is hard, requires regulatory approval and will take time (though we're working on it). Insurance is a highly-regulated industry in the U.S. (and on a state-by-state basis). There are longstanding conventions within the insurance industry as to how what we're calling the Basic plans work, conventions which regulators (who have final say over everything) have broadly agreed to already and aren't necessarily in a hurry to change (in an effort to protect consumers from unfair practices).
We'd love to make changes and updates here, and it's something we'll tackle in due time, but doing so will involve proving to the regulators that these changes are merited and in the consumer's best interest, so we can't do it overnight.