Pet damage insurance and pet-deposit protection is now being offered by a company to help property managers cover any pet-related damages and allow tenants to lease a property without an extreme up-front pet deposit.
Jetty Pet is a new offering from Jetty, a financial services company. Jetty Pet is Jetty’s pet protection for property managers, which can be used alone or combined with Jetty Deposit to replace a traditional up-front pet-deposit charge.
This can give properties increased coverage against pet-related damages and a more streamlined leasing process–while keeping move-in costs lower for the renter.
“We always have an ear to the ground on the fundamental problems our partners face, and how we can solve even more of them,” said Mike Rudoy, CEO and co-founder of Jetty, in a release. “Jetty Pet is just another way we give partners the protection they need, while keeping costs low for the many pet-loving renters nationwide.”
According to Jetty’s nationwide survey of U.S. renters, more than 70 percent of pet owners have decided against applying for a rental home or apartment because the costs to have a pet were too high.
This can have a negative impact on the number of qualified applicants at pet-friendly buildings. But without the added protection of a pet deposit, properties risk exposure to pet-related damages and unforeseen expenses, which can cost much more than what a pet fee might cover.
Jetty Pet provides the pet damage insurance protection to a rental home, while alleviating the burden of high up-front costs for the renter.
Pet damage protection for property managers and tenants
How it works is that renters pay a one-time fee to Jetty, which replaces a traditional pet deposit. A fee of $200, for instance, covers a potential $1,000 in damage. A traditional $200 pet deposit covers only $200 of potential damage (which is why most pet deposits are higher).
Property managers benefit from marketing a lower move-in cost, filling more units while having the added protection of an admitted, non-pooled product, and generating meaningful ancillary revenue for the portfolio.
How pet deposit protection works:
- More protection against pet-deposit damages: Pets are capable of causing a lot more damage than what a typical pet deposit might cover. Properties can get more coverage without raising move-in costs.
- Lower move-in costs (competitive edge): In addition to eliminating security deposits through Jetty Deposit, Jetty renters can save on costly pet deposits, reducing move-in costs for qualified renters and giving Jetty properties a competitive edge.
- Simplified overhead: Jetty properties benefit from a streamlined operation process. With the addition of Jetty Pet to Jetty Deposit, both deposits are replaced by one fee. Properties don’t have to worry about managing checks, and there is less confusion for residents.
Jetty works with property managers across the country to increase lease-conversion rate, reduce bad debt, and streamline operations, hereby increasing net operating income.
Partners include LivCor, Related, Pinnacle, MG Properties, Trammell Crow, Griffis Residential, Cortland, and many more. Jetty’s products are written on A-rated paper, and are admitted in 49 U.S. states and D.C, which means they have been approved by those states’ insurance departments, providing additional consumer protections.
Jetty is a financial services company that helps property managers increase lease conversion, reduce bad debt, and streamline operations. For the renter, Jetty lowers the barrier to entry, potentially saving residents thousands of dollars on move-in costs.