We took an old concept in the traditional surety bond, kept the components that protect owners and help renters save money, and got rid of the parts that don’t fit real estate transactions. We created a surety bond no one has ever seen before. It’s propelled our growth since our founding in 2016, and today Rhino has processed $1 billion in lease transactions.
Every alteration we made to the surety bond model was to maximize protection for owners. Any component that didn’t allow our product to work better than a cash security deposit was removed. Other deposit alternative providers often criticize surety bond insurance products, citing issues with traditional models that put property owners at risk of losing protection. We removed these issues before we ever launched our product.
Here are three ways Rhino’s surety bond differs from traditional surety bond models:
That way our prices stay low for renters, and owners don’t have to worry about insurance pools running out.
When you submit a claim on a Rhino policy, the money will be there. Every renter has their own individual coverage amount. Owners that partner with Rhino receive reimbursement for accepted claims in an average of four days.
When a renter purchases a Rhino policy, the entirety of the coverage amount they receive goes towards the protection of their unit in place of a cash deposit. If a renter purchases $1,500 worth of coverage, the property owner receives that full $1,500 of protection. What you see is what you get.
There’s a myth that surety bond products offer rigid, preset coverage amounts for property owners. Rhino offers completely flexible coverage optimized for unit protection and renter affordability, and more coverage amount options than any other deposit alternative.
Over the past 4 years we’ve learned that understanding risk and refining our product requires creatively leveraging solutions that already exist. Insurance can always be improved because risk is always changing. At Rhino we believe in making insurance do more for the people it serves. We had to invent a better surety bond to accomplish that.
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