What is Rhino's Security Deposit Alternative and how does it work?

The Security Deposit Alternative is Rhino's alternative to a traditional cash security deposit. Instead of paying a lump sum deposit to the property, renters purchase a policy and pay premiums.

The policy protects the property owner against unpaid rent and property damage — the same way a traditional security deposit would. However, unlike a cash deposit, premiums are not returned at the end of the lease, and the renter is responsible for reimbursing Rhino for any claim amounts paid out on their behalf.

Coverage is only provided for the term specified on the policy. Renters must renew their policy to maintain continuous coverage.

Partners are not paid directly. To recover losses for unpaid rent or property damage, partners would need to file a claim on the policy.

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