Rhino insures each home for the property owner in case of any damages or non-payment of rent that might occur. Renters pay Rhino a small fee instead of paying a security deposit.
If a loss is incurred during the course of a lease, a claim may be filed. Rhino will investigate the claim, and if it is approved, Rhino will pay the claim up to the coverage amount. The renter will be responsible for reimbursing Rhino for the approved claim amount.
Who can use Rhino?
Rhino may be an available option for renters who qualify for a lease at a Rhino partnered property. Rhino coverage is not mandatory. It’s our goal to promote choices, for you and your renters and each renter should have an opportunity to choose the deposit option that best suits their needs.
Rhino is not designed for renters who are already behind on rent payments, or are otherwise in arrears. Any outstanding balance must be resolved between the renter and property owner directly, before a renter may enroll for a Rhino policy.
Does Rhino security deposit insurance protect renter's belongings?
No, Rhino's security deposit insurance offers no protection for a resident’s personal belongings. Rhino's deposit insurance protects the home, just like a security deposit. If a claim is paid on a Rhino deposit insurance policy, the renter is responsible for reimbursing Rhino the claimed amount, up to the coverage limit.
We do offer a renter's insurance option that renters can purchase with security deposit insurance.
Who is Rhino covering?
Rhino protects a home against damages and missed rent payments for the property manager. An important difference between something like car insurance and security deposit insurance is that there are three parties involved with security deposit insurance instead of two.
With car insurance, the insurance company promises to pay you if you damage your car and you need to repair it. With Rhino’s security deposit insurance, we promise to pay the property manager if the renter damages their home and the property manager needs to repair it.
While the renter remains responsible for reimbursing Rhino for some things like excessive damage or unpaid rent, we also make sure they’re protected from unfair or illegitimate claims by the property manager.