![]() ![]() ![]() Basically, it frees up money for you by requiring a low monthly payment instead of a lump sum, and it provides the coverage the property owner requires. With Rhino, instead of paying a security deposit to your landlord, you pay about $5 to $10 a month for an insurance policy that covers your rental for damage or lost rent. Rhino is a licensed insurance agency in 48 states, and it's available for landlords and property management companies with rental apartments and rental homes. Rhino found that renters generally pay rent on time and typically don't go out of their way to damage property - two of the main risks that a security deposit is meant to protect against. Dreiling said that Philadelphia and Baltimore are considering similar legislation ![]() Atlanta and Cincinnati passed ordinances to offer residents alternatives to cash security deposits like Rhino to address the lack of affordable housing. Martha Dreiling, senior vice president of Operations at Rhino, said the company was created in 2016 "to create a financial product that was better than a cash security deposit because housing affordability was one of the largest issues facing our country."ĭreiling says Rhino's mission is to make housing more affordable. Rhino Insurance provides a way to get around the cash security deposit requirement, potentially making it easier to secure a rental. That doesn't include the cost for movers and furnishing your apartment. If you live in New York, you could easily have to pay $1,900 in rent and an additional $1,900 security deposit for a studio or small one-bedroom apartment. One of the many initial barriers to affordable housing is the standard requirement to put down a security deposit - generally equal to one month's rent - along with paying first and possibly last month's rent. The pandemic highlighted America's lack of affordable housing, with many Americans unable to make rent and facing evictions due to coronavirus layoffs, furloughs, and expended emergency savings. Rhino allows renters to have more cash on hand for other expenses like renters insurance.If your landlord accepts Rhino, you can skip the security deposit and pay a low monthly fee instead.Rhino Insurance lets you avoid putting down a security deposit when you rent an apartment. ![]()
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