How much do I get back?
Many insurance providers reimburse what's referred to as the 'actual cash value' of your damaged or lost property, which is the current value of the property. In other words, the amount it's worth today, which is the amount you paid for it, minus some amount for the 'depreciation' of the item—a couch, for example, has suffered in the years since you bought it due to normal wear-and-tear. So you wouldn't get back the full price you paid for it at the time. At Jetty, we’ll pay you back on what's called a 'replacement cost' basis, which is the full price you'd have to pay today to replace that couch with a new, similar one. Nostalgia aside, we assume you wouldn’t want to buy another stained, ratty couch.
Once we've determined how much you're eligible to receive back (based on what happened, how much protection you bought, and so forth), we'll subtract your deductible from that value and pay you the balance. For a refresher on what deductibles are and why they exist, check out the Glossary within our Insurance 101 section.
Keep in mind that all plans come with 'limits,' which is the maximum amount we'll pay out for any given claim. The questions you answered while buying your Jetty plan helped us estimate the right limits for you so that you’re not 'underinsured' (nor 'overinsured'—think like Goldilocks. You should buy not too much, not too little, but just the right amount of insurance to cover what you own). It’s a good habit to review your limits from time to time or if your net worth or the value of your possessions changes significantly. To do so, visit your Account.
Who processes my claims?
At Jetty, there are two main groups involved with handling claims. Of course, we're intimately involved in the process, will track your claim from start to finish, and are always available to help, answer questions or even just listen if you need to vent. Reach out to us early and often at email@example.com if and when the need arises.
To help us with claims, we've also hired the services of a separate company who are absolute pros in the complicated business of claims handling. This company, Gallagher Bassett, is what's known as a 'Third Party Administrator' and you may have some contact with them from time to time in the event you have a claim.