A Rhino 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, we only allow for coverage amounts that match what would be required as a typical cash security deposit one to one. For renters who do not qualify for the lease, Rhino can act as a third party guarantor to help them get approved.
If a renter needs a guarantor, the property owner can decide the amount of coverage required for coverage. The property owner will determine how much coverage an applicant needs in order to approve them for the lease.
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. For renters who are approved without the need of a guarantor, coverage must be equal to a typical cash security deposit.