My tenant offered Rhino policy , take or pass ?

Question

Hi

A potential tenant of mine who looks really good on paper (credit score, income and else) is asking if we can take rhino policy for security deposit ?
I never had worked with a tenant having rhino !
what are pros and cons ?

Nathan Brown · Answer

Hey this is a little late, but I've worked with Rhino before. There's a little more paperwork on your part, and you won't be able to hold the deposit (if that matters to you), but it does take a lot of the risk off your shoulders. It's a good service and worth considering.

SWAPNIL PADATE · Answer

I have been using Rhino https://www.sayrhino.com/ for the past 3 years. I have rentals in IL and TX.

Positives: 1) Provides higher protection against rent loss, property damage, evictions, etc vs. Cash-only deposit has limitations if you end up experiencing very bad tenancy i.e. eviction+property damage+ and rent loss. Example: For a $1K per month rental I could collect only $1K to $2k in refundable cash deposit. With Rhino I am to setup $4K to $6K in coverage and most of the time I have been able to protect rental income.

2) No sign-up fees for landlords. 3) Renters can avail minimum out of pocket i.e. 5-15% of the insured amount.

Negatives: 1) First time sign up process could be cumbersome 2) Claim processing is temperamental they process claims within a few days but recently they have been taking very long like 3-4 weeks 3) Not all renters get approved and Rhino does not provide a reason for denial.

Bruce Lynn · Answer

@Yashar Fred   Did you end up using Rhino?  Any feedback on it?   Any claims?

My tenant offered Rhino policy , take or pass ?

Most Popular Reply