A Rhino security deposit insurance policy secures each home for the property owner in case of any damages or unpaid amounts, such as unpaid rent. Renters pay Rhino a small fee instead of paying a security deposit to the property owner.
If a loss is incurred during the course of a lease, a claim may be filed by the property owner. Rhino will investigate the claim, and if it is approved, Rhino will pay the claim up to the coverage amount. The renter will be responsible for reimbursing Rhino for the approved claim amount.
Who can use Rhino Security Deposit Insurance?
Rhino may be an available option for renters who qualify for a lease at a Rhino partnered property. Rhino coverage is not mandatory. It’s our goal to promote choices, and you should have an opportunity to choose the deposit option that best suits your needs.
Rhino is not designed for renters who are already behind on rent payments, or are otherwise in arrears. Any outstanding balance must be resolved between the renter and property owner directly before a renter may apply for a Rhino policy.
Who is Rhino covering?
Rhino security deposit insurance protects a property owner from damages and unpaid amounts, such as missed rent payments, that may occur at the property. An important difference between something like car insurance and security deposit insurance is that there are three parties involved with security deposit insurance instead of two.
With car insurance, the insurance company promises to pay you if you damage your car and you need to repair it. With Rhino’s security deposit insurance, we promise to pay the property manager if the renter damages their home and the property manager needs to repair it.
While the renter remains responsible for reimbursing Rhino for some things like excessive damage or unpaid amounts, such as unpaid rent, we also make sure they’re protected from unfair or illegitimate claims by the property manager.