Understanding renter coverage

A Rhino policy offers a specific amount of protection on an apartment. This amount is the most that can be claimed for damages or missed rent payments. For example, if your Rhino policy has a coverage amount of $1,000.00, then no more than $1,000.00 can be claimed for your apartment.

Once the coverage amount on a policy has been exhausted, no further claims can be made by the property owner. If a claim is paid on a Rhino policy, the renter is responsible for reimbursing Rhino the claimed amount, up to the coverage limit.

How much coverage is required for a policy?

For renters who qualify for the lease, the coverage amount can be customized by the property owner to ensure complete protection of the rental unit. For renters who do not qualify for the lease, Rhino can also act as a third-party guarantor to help them get approved.

You will specify the exact dollar amount of coverage per home or apartment. You select the level of coverage they need to make the move-in process affordable for renters, while maintaining protection for their properties. You can receive the same coverage as they would with a traditional cash deposit, or increase the amount of coverage above cash deposit requirements.

How does the property owner determine the required coverage amount?

You will decide the exact dollar amount of coverage they need on the home or apartment based on each individual applicant. Coverage amounts may be equal to the cash security deposit that you would have required, or it may be more if you deem it necessary.

What does Guarantor 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.