Security Deposit Insurance | Rhino
Rhino is a security deposit insurance solution that can be used as an alternative to receiving a security deposit from your tenants. Instead of a large upfront cash security deposit, renters pay Rhino a small monthly fee, and Rhino insures each home for the property owner in case of damages and lost rent that might occur. This makes your property more attractive and more available to tenants who might not have enough funds to pay a security deposit up-front; which makes it possible for you to fill vacancies faster.
Rhino Security Deposit Insurance Available Through Your Rentec Direct Account
In lieu of receiving a security deposit from your tenants, you can offer security deposit insurance from Rhino and keep track of policy information all through your Rentec Direct property management software. Rhino is fully integrated into the software, and once you've created a Rhino Partner account, you can enable Rhino for your properties before inviting your tenants to sign up.
You can learn more about Rhino and the benefits of security deposit insurance here:
- What is Security Deposit Insurance | A Landlord and Renter Perspective
- Rentec Direct Clients Invited to Replace Cash Security Deposits With Rhino
You can get started using the Rhino and Rentec Direct integration in a few simple steps.
- Create a Rhino Partner Account
- Enable Rhino for your Properties
- Invite Tenants to sign up for Rhino
- View Insurance Details
- File Claims
Tip: Each link above navigates to the specific knowledge base article for more information.
More information on how to get started with security deposit insurance can be found here: Getting Started with Rhino | Security Deposit Insurance
Rhino Quick FAQS:
What does Rhino cover?
Rhino serves the property manager by paying for repairs if the renter damages the unit and protects against missed rent payments. The renter is reimbursing Rhino for some things like excessive damage or unpaid rent and Rhino acts to protect tenants from unfair or illegitimate claims by the property manager.
How much coverage is required for a policy?
The property owner and/or property manager must decide the exact dollar amount of coverage they needed on the home or apartment based on each individual applicant. For renters who do not qualify for the lease, Rhino can also act as a third-party guarantor and offer additional coverage to help them get approved.
How are tenants' quotes calculated?
Pricing is personalized for each tenant and are customized for their coverage needs. During enrollment, several factors will be factored into price calculation such as:
- Rent amount
- Lease duration (six month minimum required)
- Required coverage
- Soft credit check
Note: Tenants pay Rhino directly for the service and there is no cost to the landlord.
Property managers can learn more by going to Rhino's Property Management Help Center: Frequently Asked Questions
Tenants can learn more by going to Renter Help Center: Frequently Asked Questions