Farmers Insurance will be the exclusive reinsurance provider to Jetty, a renters insurance platform, as part of a new deal between the two companies.
Jetty Deposit and Jetty Renters Insurance will now be underwritten by Farmers Insurance.
Property managers in the US leverage Jetty to increase lease conversion rates, reduce bad debt and streamline operations. Its policies are available in 49 US states and the District of Colombia.
Jetty co-founder Mike Rudoy said, “This is an important and really exciting new collaboration for Jetty, and is a major vote of confidence in the strength of our products and the depth and quality of our real estate distribution channel.
“In addition to its brand equity and robust balance sheet, a key factor in our working with Farmers® was our shared vision around innovation and disruption in the financial services space, as evidenced by their startup brand, Toggle®. Working together, we’ll be able to quickly deliver even more value to our real estate partners, as well as to the renters who are the ultimate consumers of our products.”
Last year, Jetty released a pet insurance product which can be combined with Jetty Deposit and used to replace a traditional up-front pet deposit charge. The policy gives properties protection from pet-related damages.
The InsurTech platform closed its Series B round last year on $25m from investors including Khosla Ventures managing director Keith Rabois.
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