What is a say Rhino policy?

What is Rhino policy?

Rhino is security deposit insurance that replaces the need for 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.

What does say Rhino do?

Rhino is security deposit insurance. … Using Rhino frees up renters’ cash so that they can afford renters insurance and other moving expenses. So you shouldn’t think of Rhino as an alternative to renters insurance; it’s just an alternative to paying a security deposit.

How much does Rhino guarantor cost?

Rhino, which started in late 2017, has helped pioneer an insurance option: Tenants pay a nonrefundable monthly fee (about $13 for a $3,000-a-month apartment) instead of a deposit, and Rhino insures the apartment, paying the landlord for any damages.

Is Rhino an insurance company?

Rhino is a licensed insurance agency that transacts insurance and gives renters financial alternatives to afford the homes they want. It is a smart alternative to security deposits and acts as a general agent for one or more insurance carriers. Rhino was founded in 2017 and is headquartered in New York, New York.

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What is rhino deposit free?

Rhino is a deposit insurance type plan that replaces security deposits. It allows us to market the properties as deposit-free. … The cost of moving paired with first month’s rent and security deposits is extremely high. This can be cost-prohibitive or deterrent to many tenants.

Can rhino be used as a guarantor?

Can Rhino be my guarantor? Yes, Rhino policies can also provide lease guaranty for renters that need it. … When renters enroll with Rhino, we protect their unit the way a security deposit does. Renters are still responsible in the case of excessive damage or unpaid rent.

Does Rhino give your money back?

Users can either be new or current renters – if you’re applying to live in a unit you can use Rhino’s service to avoid a security deposit in the first place, or if you’re a current renter at a Rhino-supported building you can sign up and get a full refund of the deposit you already paid.

Is a Rhino a dinosaur?

No, a rhino is not a type of dinosaur. A rhino, short for rhinoceros, is a horned mammal. Dinosaurs, on the other hand, are a group of reptiles…

What is Rhino surety bond?

For renters who use Rhino’s security deposit insurance, the surety bond contract looks like this: Renters (the principal) pay Rhino (the surety) to protect the property owner (the obligee) with insurance coverage equal to a traditional cash security deposit.

How do you get approved for Rhino?

Getting Approved

Any renter can use Rhino as long as they have been approved to rent at a partnered property. If your application to the property was approved, you can enroll for Rhino coverage. Rhino does a soft credit check to help determine pricing. This credit check does not affect your score.

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What does a guarantor have to provide?

A guarantor must have a good credit score, have equity in the property to used as security and a stable income. In other words, the bank must deem the guarantor a safe risk when assessing the borrower’s application.

Can you cancel Rhino?

Rhino policies can be canceled at any point during the life of the policy. If the coverage is no longer needed, Rhino can cancel your policy and issue any applicable refunds. A Rhino policy can be canceled only if the renter and property agree that coverage is not needed.