Rhino is a solution proven to drive value for owners, but renters still have questions about how security deposit insurance works, when to use it, and how it’s different from traditional deposits.

We’re here to help you answer those questions to get more renters in the door and more leases converted.

When your renters ask questions about Rhino’s security deposit insurance, you can share the answers below.

Infographic explaining security deposit insurance to renters

How to Answer Renters’ FAQs About Security Deposit Insurance

Renter FAQ: What do I need to do?

Rhino is a low-cost insurance alternative to the traditional cash deposit. What does that mean? That instead of paying your cash deposit upfront and directly to your property owner, you instead enroll with Rhino, and purchase an insurance policy to protect your landlord's rental unit.

Renters should still behave the same way they would if they’d submitted a cash security deposit by keeping their apartment free of damages and not skipping out on rent. Rhino is not a get-out-of-jail-free card.

The only functional difference between Rhino and a security deposit is that instead of being financially responsible to the property owner, renters are now financially responsible to Rhino.

Renter FAQ: What am I financially responsible for?

Since renters are used to only dealing with cash deposit deductions, it’s important to familiarize them with our unique claims process.

Explain it like this:

  1. An incident happens (excessive damage or unpaid rent).

  2. The property manager submits a claim to Rhino for the dollar amount of the incident.

  3. The renter will receive a notification that a claim has been submitted on their Rhino policy. It will also tell them why the claim has been submitted.

  4. Renters can always tell their side of the story when they receive notice that a claim has been submitted.

  5. Rhino then evaluates the claim before approving or denying it.

  6. If a claim is approved, Rhino pays the property owner for the amount listed.

  7. When Rhino pays property owners, renters then owe Rhino for that amount, just like deductions from a cash deposit.

Two people sitting on their couch and using a laptop

Renter FAQ: How do I renew my Rhino security deposit insurance policy?

With a traditional cash deposit, renewal just means owners keep the deposit on file and don’t return it.

With Rhino, renters will need to log in to their Rhino portal and confirm whether or not they’ll be renewing their lease and would like to renew their Rhino policy. Even though it’s a simple process, it’s slightly different than what they’re used to. Here’s how to explain it to them:

  1. Renters should look out for a notice from Rhino 90, 60, and 30 days before lease renewal.

  2. Renters can confirm renewal at any point in the last 90 days of their lease.

  3. If a renter does nothing, their policy will auto-renew.

Renter FAQ: Why do owners offer Rhino in the first place?

Renters want to know if there’s a catch. Sometimes saving money feels too good to be true. It’s a good idea to be transparent about the benefits of Rhino for owners if renters ask.

  1. Owners use Rhino to differentiate their properties in competitive markets. Providing affordable alternatives is a great way to do that.

  2. Owners can use Rhino to avoid dealing with the administrative headache of processing deposits at move-in and move-out.

  3. Owners use Rhino to rent to a wider variety of renters than before while getting better protection than cash. It’s a win-win for both sides.

Rhino is America’s leading security deposit insurance and incrediblyrenter-friendly. Request a demo here to learn more about using Rhino to create mutual benefits for your team and your renters.

*Pricing will vary by individual renter. Actual rates determined based on the specific information provided to Rhino. Monthly payment plans may not be available to all renters.

Larenz Brown

Larenz Brown is a copywriter at Rhino who wants to tell stories that empower people. He once engaged in a 365-day staredown with a security deposit and emerged victorious.