Mid-Lease Move-Outs

Is the tenant who purchased the Rhino policy at the start of the lease moving out before the end of the lease term but his/her renters are staying put? Here are steps you should follow:

Step 1: Communicate & cancel existing Rhino policy

• Communicate the process that is outlined here with all leaseholders.
• Work with the renter who is moving out to cancel the existing security deposit insurance policy in their name:
  • Renter will submit a cancellation request via the Rhino renter portal
  • You will then log into your Rhino portal and approve this request

Step 2: Invite remaining leaseholders to lock in coverage

Once the initial policy that the tenant moving out has been canceled:

• Send one of the remaining leaseholders/roommates a manual Rhino invitation in the Rhino portal that covers the remainder of the lease term
• Communicate with the remaining leaseholders to make sure that they go through the Rhino application process and either secure a policy OR pay a cash deposit

Step 3: Receive confirmation

As soon as the remaining leaseholders fulfill their requirement with either a security deposit insurance policy or a cash deposit through Rhino (for partners that are set up with our end to end deposit management platform) you will receive a confirmation email in your inbox letting you know you’re covered.

Additionally, if you’re set up with our ledger automation or data push features the details of this new coverage will be pushed directly into your property management system.