Rhino offers two kinds of coverage when you move into a home. In addition to Rhino’s security deposit insurance, we provide guarantor coverage. In these circumstances, Rhino offers renters the option to purchase security deposit insurance and additional coverage in lieu of having a guarantor co-sign the lease.
What does additional coverage mean?
For qualified renters, the coverage amount for their security deposit insurance policy is determined by the property owner, and does not need to include additional guarantor coverage.
For renters who don’t qualify for a lease approval on their own, the amount of coverage can be increased to include guarantor coverage, in addition to the security deposit insurance coverage. An increase in required coverage will increase the cost of the renter’s Rhino policy.
Guarantor coverage cannot be sold separately from security deposit insurance. All Rhino policies include deposit insurance. You must decide whether you would prefer a renter to provide a traditional cash deposit or use Rhino to meet their deposit obligation, both are not permitted.
How to make sure a renter gets the right coverage:
- Renters will need to enroll via an invitation to get security deposit and guarantor coverage.
- When inviting a renter to Rhino, be sure to include the exact amount of coverage you will need to approve them.
- Coverage can be adjusted after enrollment is complete, but any increases to coverage will increase the cost of the renter’s policy.