Filing insurance claims is standard practice (and can be an administrative headache) for property management teams. When a property incurs damage while it’s being leased, or when unpaid rent starts to pile up, making an insurance claim keeps you protected against any major dents to the bottom line.
Unlike other insurance providers, Rhino offers a fully streamlined claim process. Our security deposit insurance allows property managers to file claims in five simple steps, and receive an insurance claim check for complete reimbursement from Rhino in an average of four days or less.
Read on to learn when, where, and how you can file an insurance claim on our platform.
There are several situations where an insurance claim is warranted:
If a renter has caused excessive damage to a property beyond normal wear and tear and/or small repair
If a property sustains damage during move-out procedures following the end of a renter’s lease.
If a rent payment is at least 10 days late
Property owners who file insurance claims with Rhino can rest assured that our security deposit insurance will keep them covered, no matter what. We offer complete coverage for property damages, debt, and loss-related incidents. And there’s no need to ever worry about not having a cash security deposit to protect you from losses — our coverage amount will always and completely equal the amount of a traditional cash security deposit. That’s why you’ll never have to ask for a cash security deposit AND a Rhino policy from a renter; our partners enjoy full coverage on damages from their renter’s Rhino insurance policy alone.
At Rhino, our in-house insurance claim analysts work around the clock to adequately review, process, and issue reimbursements based on the losses accrued. We then work directly with Rhino renters to recoup amounts owed from the losses mentioned in your claim, which helps you keep your relationship with your renters positive, despite the need for a claim. There’s also ample time to file — our partners enjoy the ability to make claims mid-lease and up to 60 days after the end of a renter’s policy.
This streamlined approach results in reimbursements to owners delivered in an average of four days or less.
You can file an insurance claim with Rhino in minutes. To keep this process simple, we’ve made our insurance claim form easy to access, complete, and submit in our Partner Portal. After logging in, you’ll find a Claims tab in your main menu. After clicking the Claims tab:
Click Start a Claim in the top right section of the page
Input your resident’s information
Specify the reason for the claim
Attach supporting documents
Pro tip: To help expedite your Rhino insurance claim review, we advise that you include:
Your complete rent ledger
Any relevant photos that help substantiate your claim
any additional documents that support the amount claimed, and anything you would like to retain on your books (like a move-out report)
The cherry on top: Anyone on your team can access the Rhino Portal directly from your existing property management software (PMS), making it even easier to file an insurance claim with our solution. We’ve made Rhino easy to integrate with the common tools and solutions that property managers, leasing agents, and property owners use every single day.
The insurance claims process is often a sensitive topic to discuss with renters. That’s why it’s important for you to be transparent with them at the start of your relationship, present the benefits of security deposit insurance, and drive awareness that could potentially help prevent any miscommunication in the future. This, along with other renter-friendly renewal tactics, will help increase your number of repeat renters and prevent the spread of misinformation around insurance claims for renters and property managers alike.
At Rhino, we believe that the insurance claim process should be simple, fast, and clear for everyone involved. Our security deposit insurance not only keeps owners covered through all of the ups and downs of renting their properties, but our policies protect against any and all major losses due to damage and/or unpaid rent. But the proof is in the pudding: Contact us to learn more, and see firsthand why Rhino partners never have to wait more than an average of four days for full reimbursement on their insurance claims.