Rhino offers two kinds of coverage when you move into a home. In addition to Rhino’s security deposit insurance, we provide guarantor coverage. In these circumstances, Rhino offers renters the option to purchase security deposit insurance and additional coverage in lieu of having a guarantor co-sign the lease.
If a renter qualifies for the lease on their own, then only coverage amounts that match the amount of a typical cash security deposit one-to-one are permitted. You should not sign up renters for more coverage than you ordinarily require to protect the home with a traditional cash security deposit.
What does additional coverage mean?
For qualified renters, only coverage amounts that match a typical security deposit are permitted.
For renters who don’t qualify for a lease approval on their own, the amount of coverage can be increased to meet the requirements in order to obtain a lease. An increase in required coverage will increase the cost of the renter’s Rhino policy.
Guarantor coverage cannot be sold separately from security deposit insurance. All Rhino policies include deposit insurance. You must decide whether you would prefer a renter to provide a traditional cash deposit or use Rhino to meet their deposit obligation, both are not permitted.
How to make sure a renter gets the right coverage:
- Renters will need to enroll via an invitation to get security deposit and guarantor coverage.
- When inviting a renter to Rhino, be sure to include the exact amount of coverage you will need to approve them.
- Coverage can be adjusted after enrollment is complete, but any increases to coverage will increase the cost of the renter’s policy.