A Rhino security deposit insurance policy offers a specific amount of protection on an apartment. This amount is the most that can be claimed for damages or missed rent payments. 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.
Once the coverage amount on a policy has been exhausted, no further claims can be made by the property owner. If a claim is paid on a Rhino policy, the renter is responsible for reimbursing Rhino the claimed amount, up to the coverage limit.
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 rental unit. For renters who do not qualify for the lease, Rhino can also act as a third party guarantor and offer additional coverage to help them get approved.
How does the property owner determine the required coverage amount?
The property owner will decide the exact dollar amount of coverage they need on the home or apartment based on each individual applicant. Coverage amounts may be equal to the cash security deposit that the property owner would have required, or it may be more.