Mandating renters insurance
“For that reason, no property manager has pushed back that we are not integrated with any of the leasing software companies.
Today that has not been an issue for us.” Jetty is one of a handful of startups pushing to resolve headwinds in the property management space by making the process more bearable for renters.
For a startup like Jetty, it might as well be a gold mine.
Stuy Town’s property management firm, Stuy Town Property Services, now uses Jetty’s product as a marketing tool to attract and quickly secure prospective renters.
Seed and early stage investors include Valar Ventures, SV Angel and Meta Prop NYC, according to Crunchbase. Though not an actual insurance company, Jetty is backed by Munich Reinsurance, which has a 0B balance sheet, and is legally allowed to administer insurance offerings to consumers.
“Of the top 50 property managers in the country, most are mandating renters insurance,” Rudoy said. It’s a metaphor, [but] that’s ultimately what we’re doing — helping people purchase a financial product that is really important, and helping save people from a financial catastrophe.” In addition to the insurance offering, Jetty’s Passport Deposit offers applicants the option to pay Jetty 17.5% of the overall deposit in lieu of posting a security deposit.
A similar product, called The Guarantors, aims to help tenants lease apartments by selling payment insurance and picking up the slack should residents fall short and become delinquent. ET: A previous version of this story did not clearly explain Jetty’s Passport Deposit product.
“I found interesting the replacement of guarantor and the deposit — breaking it down and making it affordable,” Brewer said.Originally built as a post-war housing project in the 1940s by the Metropolitan Life Insurance Company, Manhattan’s Stuy Town and its sister complex, Peter Cooper Village, collectively have 110 residential buildings and 11,250 apartment units that house roughly 25,000 residents.Blackstone and Montreal-based Ivanhoe Cambridge acquired Stuy Town in 2015, each taking a 50% stake in the project.“It’s easier to get into our building than the one next door.If you are just starting your career and you don’t make a certain salary that will pass the financial requirements of the building, we will be that entity for you,” Rudoy said.