How does Rhino work? 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.
How much does Rhino insurance cost?
How does Rhino Insurance work? 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.
What is Rhino deposit replacement?
Rhino is a deposit insurance type plan that replaces security deposits. It allows us to market the properties as deposit-free. This makes it extremely enticing to tenants, especially in the multi-family market. Usually, that kind of market is extremely competitive with low or no deposit leasing at many complexes.
Does Rhino approve everyone?
If a property owner or manager approves a tenant to rent an apartment or house, Rhino automatically approves that renter for Rhino coverage. There are no credit restrictions to qualify for Rhino, although the service can make a soft credit check as a means of offering a better deal on a policy.
How does rhino work as a guarantor?
In addition to Rhino’s security deposit insurance, we provide guarantor coverage. If you don’t qualify for a lease on your own, you can have someone (a friend, a parent, etc.) act as your guarantor and co-sign the lease with you, guaranteeing that timely rent payments will be made.
Do you get money back with Rhino?
Rhino replaces the need for a large security deposit and your low monthly payments are not refunded at the end of your lease. Rhino fulfills the same requirement as a deposit, but at a fraction of the cost. In addition to paying for a Rhino policy in full at move-in, you can make payments in monthly installments.
Should I use rhino security deposit?
Stay ahead of the game. Offering Rhino is better than having a cash deposit on hand. We protect homes like a deposit would while helping boost occupancy rates.
Is Rhino a guarantor service?
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.
How does Rhino deposit insurance work?
Rhino’s security deposit insurance acts as a direct replacement for a cash security deposit. Instead of a large upfront cash deposit, renters pay Rhino a small monthly fee that can be as little as $5 per month, and Rhino insures the property owner for damages that might occur and lost rent.
How much does Rhino guarantor cost?
The Best Security Deposit Insurance for Landlords: Rhino
The policy is known as a “monthly subscription” and the cost varies but is very affordable. You can pay as low as $3-$5 a month for a rental that costs $1,000 per month or around $25 for a rental that charges $3,000 a month.
Do guarantors have to pay application fee?
Both you and your guarantor will each be required to fill out an application and pay the application fee. Depending on the brokerage, management company, or landlord, this fee is usually anywhere from $25 to $200. This compulsory fee will usually be anywhere from $50 to $100 more for the guarantor–sometimes double.
Does Rhino do a credit check?
Rhino does a soft credit check to help determine pricing. This credit check does not affect your score.
Is Rhino a surety bond?
Rhino is a choice, and it’s the most affordable choice.
Not only are we the most affordable surety bond-based option for renters, we’re the most affordable of any insurance or financial product that replaces security deposits.
What paperwork does a guarantor need?
Provide all relevant documents
Proof of income (recent payslips, bank statements, tax return) Letter of employment (if you’re starting a new job) Valid ID (passport, citizenship certificate, driver’s licence, Medicare card, utility bills)
Can a guarantor be retired?
You might be asked to provide a guarantor in order to take out a loan or to rent a property. … Fortunately, almost everyone has the potential to be a guarantor – often including those who are retired.
Is the guarantors legit?
I highly recommend using TheGuarantors. I considered many companies, but the choice was clear, this company knows what they are doing. They were very helpful and answered all my questions very quickly no matter what time I called or emailed them. I would recommend them to anyone!