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, we have a wonderful team of in-house adjusters who are involved with handling claims. We 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.
Issuance of coverage is subject to underwriting review and approval. Coverage may not be available in all states. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of State National Insurance Company, Inc. (NAIC No. 12831), Bedford, TX, in all states except Florida, and National Specialty Insurance Company (NAIC No. 22608), Bedford, TX, in Florida (collectively, “State National”). Coverage scenarios are hypothetical and shown for illustrative purposes only. Coverage is dependent on the actual facts and circumstances giving rise to a claim.
Jetty Insurance Agency LLC (Jetty) is an insurance agency licensed to sell property-casualty insurance products. Jetty will receive compensation from State National for such sales. Refer to the Legal Notices section for additional information.