Tenant programs
Rhino
Rhino sells a security deposit alternative. Rather than putting down a large cash deposit at move-in, the renter pays Rhino a smaller premium, and the Rhino policy secures the home for the property owner against damages and unpaid fees. Rhino also offers renters insurance and can collect move-in fees in the same transaction.
For owners and operators, the product runs as one portal covering the deposit journey and the rest of the move-in requirements, configured to the operator's rules. Cash security deposit management is offered as well, through Rhino Deposit Management Services LLC; that service is not an insurance product.
The Security Deposit Alternative is provided by Rhino New York LLC, and by Rhino Insurance Agency in California, as a licensed insurance agency acting as general agent for several carriers. In a named set of states including New York, Ohio, and Pennsylvania, policies are underwritten by carriers rated A- (Excellent) or better by A.M. Best; in the remaining states the policy may be written by a non-admitted excess and surplus lines carrier.
Coverage is not available in Hawaii, Montana, North Dakota, or Wyoming, is subject to underwriting approval, and may not be offered to everyone even where it is sold. Landlords may choose a coverage limit higher than a cash deposit would have been, and Rhino is paid by the insurers on what it places, so ask how the limit and the renter's premium are set.
Best for
Multifamily owners and operators who want to cut the cash a renter has to produce at move-in while keeping coverage for damages and unpaid fees. Not an option for properties in Hawaii, Montana, North Dakota, or Wyoming.
What they do
- Security deposit alternative policies
- Renters insurance
- Cash security deposit management
- Move-in fee collection
- Single portal for move-in requirements
Details
| Attribute | Value |
|---|---|
| Licenses | Licensed insurance agency: Rhino New York LLC, Rhino Insurance Agency (California) |
What stands out
- Coverage is not available in Hawaii, Montana, North Dakota, or Wyoming
- Provided by Rhino New York LLC, and Rhino Insurance Agency in California, as a licensed agency acting as general agent for several carriers
- In a named set of states including New York, Ohio, and Pennsylvania, policies are underwritten by carriers rated A- (Excellent) or better by A.M. Best
- Landlords may select a coverage limit greater than the cash security deposit would have been
- Names Real Property Management, Property Management Inc, and First Communities Management among its partners
Common questions
- What products does Rhino offer?
- Rhino offers a Security Deposit Alternative and renters insurance, which together cover a renter's financial move-in requirements. Cash security deposit management is offered separately, through Rhino Deposit Management Services LLC, and is not an insurance product.
- How does Rhino's Security Deposit Alternative work?
- Instead of a large cash deposit, the renter pays Rhino a smaller premium and the Rhino policy secures the home for the property owner in case of damages or unpaid fees. Coverage is subject to the policy's terms, conditions, and exclusions, and to underwriting approval.