We go into some detail about this in our article How do Jetty's Renters Insurance plans work?, but we'll expand upon that information here.
Here's the scoop: our Basic plans cover your 'normal household belongings' like your clothes, your bed and your couch. Because these Basic plans are designed to cover many people with similar risk levels on their 'normal household belongings,' they do not fully cover uncommon, high-value items such as your grandmother's pearl necklace, your rare Bordeaux wines or your colonial stamp collection. (Incidentally, this is true with every insurance provider).
As such, if you have any special items (a good assumption to use is, 'a thing or set/collection of things worth over $1,000'), we recommend purchasing the Valuables Protection Power-Up (technically called an 'endorsement'). Doing so will 'improve' the protection you enjoy under the Basic plans in three main ways:
Ensuring you have full dollar-amount protection. It might seem counterintuitive, but if you buy a Basic plan with $30,000 of 'contents coverage' (protection if something happens to your things), that $30,000 is for the sum of all your 'normal household belongings' as described above and there are 'sub-limits' for specific categories of items. For example, even with $30,000 of protection on a Basic plan, without Power-Ups, the maximum for jewelry or watches is $1,500. (We talk about this elsewhere, but this is true of all insurance providers and the reason for this is to keep the prices of Basic plans low).
So if you have a $5,000 watch—first of all, lucky you—and second, you should really add that as a Power-Up, since the most we could reimburse you for if something happened to your watch under a Basic plan would otherwise be $1,500.
Protecting you in a wider range of reimbursable situations (technical term: 'perils'). Unlike your 'normal household belongings' such as your couch, the categories of items covered under the Valuables Protection Power-Up are highly susceptible to certain situations which make a claim more likely. An example: 'mysterious disappearance' (yes, that is actually the technical term for it); while it's highly unlikely that your couch will mysteriously disappear, a single pearl earring somehow vanishing isn't all that far-fetched.
Under the Basic plans, the situations which are fair game for reimbursement are the ones which reasonably apply to 'normal household belongings.' It's an extensive set of situations, to be sure, but it's also not infinite (and to continue with our example above, 'mysterious disappearance' isn't one of them).
Therefore, if you want to ensure that you're covered in the fullest range of scenarios possible (like 'mysterious disappearance'), go for the Power-Up.
Giving you an item-specific deductible (at $100 per category of valuable). As you probably know, all insurance plans come with a deductible, the amount you're responsible for before protection kicks in. (We explain why in our Insurance 101 section, but the one-second preview is that it actually helps to keep plan prices low).
When buying a Basic plan, you have the option of adjusting the deductible—the higher the deductible, the cheaper your plan will be, since you're essentially buying a little bit less insurance with a higher deductible (as you're holding onto a greater share of the risk yourself).
So far, so good. Let's say you set the deductible of your plan to $1,000. One day, a lit candle tips over, setting fire to and destroying the beautiful armchair you inherited from your grandfather which, for argument's sake, we'll pretend was worth $1,000. Uh oh. Because your deductible was $1,000, guess how much you're getting reimbursed in this sad tale? A whopping $0, since you decided to hold onto the responsibility for the first $1,000 yourself ($1,000 loss - $1,000 deductible = $0 reimbursed).
With the Valuables Power-Up, for every category of item or item(s) you add, your deductible is set at $100 per category. So if you'd added that armchair under Art & Design Objects, your deductible in our sob story would've been $100, and we would've cut you a check for $900 ($1,000 loss - $100 deductible = $900 reimbursed).
The Valuables Power-Up is available for numerous categories of important items you might own, including:
- Jewelry (including watches)
- Music & Audio Gear (including instruments or electronic music or audio equipment)
- Fashion & Accessories (luxury garments, handbags, shoes etc.)
- Art & Design Objects (including antiques, valuable furniture)
- Photo & Video Gear (cameras, lenses, and other related equipment)
- Sports Equipment (any expensive sporting gear)
- Special Collections (a grab bag for any collections you might have, such as stamps, coins, bobble heads, baseball cards etc.)
- Wine Collections
- Firearms (unless it's non-firing, like an antique pistol, which goes in Art & Design Objects)
More questions? We're here!
Make no mistake, this stuff is complicated and there's nothing wrong with you if you still have questions. Drop us a line at firstname.lastname@example.org with anything we may not have addressed; we'd be happy to help.