Security Deposit Alternative (SDA)

Overview of an SDA application

Last updated · — min read

The renter enrollment process is designed to be quick, straightforward, and largely automated, allowing applicants to complete everything in just a few minutes while ensuring properties have clear visibility into each step.

How the Process Begins

The process starts when the renter receives an email invitation containing a secure enrollment link. This link directs them to their application, where they can begin immediately.

Important notes before starting:

  • Only one policy per unit is required and only one leaseholder will be listed on the policy
  • Coverage applies to the entire unit, not just the individual policyholder
  • If a resident is transferring to another unit within the same property, contact support for guidance before advising them to purchase a new policy
  • Rhino policies do not support corporate leases
  • Lease terms must be between 6-24 months
  • Rhino policies can be purchased up to 90 days before move in
    • The coverage start date on a policy is automatically set to the day after purchase and cannot be changed. 

Info Collected During the Application

Most applications take approximately 5–15 minutes to complete. During this process, renters may be asked to provide:

  • Social Security Number (SSN)
  • Date of Birth (DOB)
  • Income information
  • Employment status

Once all required information is submitted, the system automatically evaluates eligibility using underwriting criteria. A decision is typically made instantly.

Invitation Statuses

  • Sent: An invitation email was successfully sent to the renter, but they have not started the application.
  • In Progress: The renter started the application but has not completed it or submitted payment.
  • Subscribed: The renter completed the application and submitted payment for the policy.
  • Paid: The renter selected the traditional cash deposit option and successfully submitted payment.

Eligibility and Application Outcomes

Each application is reviewed through an automated underwriting process that considers factors such as lease terms, credit indicators, and identity verification.

If the Applicant Qualifies

Approved applicants can proceed with selecting and purchasing their coverage.

If the Applicant Does Not Qualify

If an applicant does not qualify for the Security Deposit Alternative (SDA) program, they will move forward with the property’s standard cash deposit process. 

Payment Requirement

An application is not considered complete until payment is submitted. Once approved, renters will see available payment options:

  • Monthly payment plans
    Availability is based on factors such as coverage terms, market conditions, and applicant details
  • Upfront (one-time) payment
    • This is the only option available for Renter Guarantee

Accepted Payment Methods

For SDA/Guarantee policies:

  • Bank-issued credit or debit cards
  • Apple Pay
  • Google Pay

For cash deposits:

  • Bank-issued credit or debit cards
  • Apple Pay
  • Google Pay
  • Check (may take up to 14 business days to process)
  • ACH (may take 3–5 business days to process)

After Purchase

Once payment is completed:

  • The property receives an email notification confirming the purchase
  • The renter receives a copy of their policy

The policy will also be available in the portal under the Policies tab (refer to your portal navigation guide for details).

Making Changes to a Policy

See Editing a Policy article for information on how to edit a policy. 

 

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