Rhino offers two kinds of coverage when you move into a home. In addition to Rhino’s security deposit insurance, we provide guarantor coverage. If you don’t qualify for a lease on your own, you can have someone (a friend, a parent, etc.) act as your guarantor and co-sign the lease with you, guaranteeing that timely rent payments will be made. Rhino offers similar guarantor coverage to help you qualify to rent in a new home with affordable payments. Your property manager will decide whether you need guarantor coverage as a part of your Rhino policy.
For renters that don’t meet a property owner’s specific move-in requirements, property managers often require renters to have a guarantor co-sign the lease. In these circumstances, based on your individual insurance needs, Rhino offers security deposit insurance and additional coverage in lieu of having a guarantor co-sign the lease.
Including guarantor coverage in your Rhino policy will increase the cost of the policy, so be sure to ask your property manager what kind of coverage you need and why.
How does guarantor coverage work?
If you are not approved for a lease on your own, Rhino can act as your guarantor. In order for Rhino to act as your guarantor, you will need to understand how much coverage your property manager will need on your Rhino policy. Your property manager will review your personal application, and decide how much coverage they need on the home in order to approve you.
The total coverage on your policy is the maximum amount that can be claimed by your landlord in the event that you miss rent payments or cause excessive damage to the home. If a claim is filed on your policy, you will be responsible for repaying Rhino, so be sure to check what a claim could mean for you.
Do I have to pay a cash deposit if Rhino is my guarantor?
While it’s Rhino’s mission to replace your security deposit, if you’re using Rhino’s guarantor coverage your property manager may still ask you to pay a cash deposit. This is not the way Rhino was designed to be used, so please contact our team to let us know if you’ve been asked to pay a deposit in addition to Rhino.
How to enroll in guarantor coverage:
You’ll need to contact your property manager to sign-up to enroll for guarantor coverage via an invitation.
- Speak to the property manager and ask them to send you a Rhino invitation via email, to enroll for a Rhino policy with guarantor coverage.
- You will receive an email invitation to enroll for a Rhino policy.
- Coverage and leasing details will already be included in the invitation.
- Follow the steps to complete enrollment.
Your coverage can be adjusted after enrollment is complete, but any increases to coverage will increase the cost of your policy.