Rentec Direct is partnering with Rhino to offer an alternative to the cash security deposit. Rhino security deposit insurance is more affordable for renters with equal and more convenient protection for landlords.
What is Rhino?
Rhino is security deposit insurance that replaces a traditional security deposit. 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.
Your renters can use Rhino to satisfy their deposit when they move in or renew their lease.
Want early access to Rhino? Click here to become a pilot partner!
What is security deposit insurance?
Unlike traditional insurance, the foundation of security deposit insurance is a surety bond. The bond is established when a contract (policy) is created and the renter begins paying the monthly premium.
Despite the name, security deposit insurance isn’t a protection for the tenant against a claim as they remain fully liable for any claims paid to their landlords. A traditional insurance policy is designed to shift risk away from the policyholder. Instead, the function of a surety bond is to guarantee that the bonded party (tenant) will satisfy their contractual obligations; namely paying rent and not causing damage to the home.
- Security deposit insurance gives renters housing flexibility. Housing becomes more accessible and renters can take advantage of better rental opportunities.
- The renter is liberated from the burden of saving towards a security deposit freeing up those funds for necessities.
- Security deposit insurance is inexpensive and easy for tenants to purchase
Learn more about security deposit insurance: What is Security Deposit Insurance | A Landlord and Renter Perspective
What are the benefits of offering Rhino?
- Rhino offers the same protection that a security deposit would, so landlords are protected against damages and missed rent payments.
- Properties marketed as “deposit-free” come off the market 7 days faster on average.
- Rhino renters report 80% higher levels of satisfaction with their building management.
- Lower upfront move-in costs opens a wider pool of applicants.
- Landlords will no longer have to collect or return cash deposits, saving teams time by removing a step from the leasing and move-out process.
How to offer Rhino at your property
Rhino provides hands-on training to help Rentec Direct clients prepare their properties to offer Rhino in less than a week. Here’s how the process works for renters.
- Introduce Rhino to renters as an option that creates savings at move-in or renewal.
- Invite renters to our fast and simple sign-up process via email.
- File a claim at any point during or up to 60 days after the lease and Rhino will review and reimburse your claim and work with the renter on repayment options.
Want early access to Rhino?
Rentec Direct landlords and property managers are invited to click here to become a pilot partner!
Learn more about how to talk about Rhino to renters: How to Talk About Security Deposit Insurance to Renters