A Rhino security deposit insurance policy offers a specific amount of protection on an apartment. This is also known as the coverage amount. This amount is the most that can be claimed for damages or missed rent payments.

How much coverage is required for a policy?

For renters who qualify for the lease, the coverage amount is set by the property owner to ensure complete protection of the property. Coverage amounts may be equal to the cash security deposit that the property owner would have required, or it may be more. For renters who may not qualify for the lease outright, Rhino may offer additional coverage to help them get approved similar to how a third-party guarantor functions. As such, renters may see a coverage amount larger than their traditional security deposit amount.

Claims and Coverage Amounts

If a claim has been approved and paid out, it reduces the amount of coverage remaining on your policy. Once the coverage amount on a policy has been exhausted, no further claims can be made by the property owner. For example, if your Rhino policy has a coverage amount of $1,000.00, then no more than $1,000.00 can be claimed for your apartment.

If a claim is paid on a Rhino policy, the renter is responsible for reimbursing Rhino the claimed amount, up to the coverage limit.