My 10 years as a multifamily landlord taught me that security deposit alternatives have been around for a while — 20 years in fact.
The most common of those alternatives is the surety bond, which has routinely been used in everyday business arrangements ranging from construction performance deals to bail bonds. Unfortunately, people have repeatedly made the mistake of trying to fit surety bond models originally designed for those other industries into real estate leasing transactions.The result? Square peg, circle hole. Not affordable for renters. Inadequate protection for landlords.
So we took the age-old surety bond back to the drawing board and stripped away the bad parts, reinventing the concept entirely.
That’s how we built Rhino.
We offer solutions specifically tailored to the way residential leasing exists today; our partners and the leading multifamily organizations across the United States have noticed.
So what makes our product so different?
- Rhino is a choice, and it’s the most affordable choice. Renters love us because our prices don’t empty their pockets. 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.
- Our large collection of data points gives us a dynamic underwriting framework that ensures every renter can receive a rate that accurately match their risk. This framework establishes product sustainability.
- We’re licensed in all 50 states and we’re backed by trusted insurance partners who worked with us closely for hundreds of hours to build a seamless and near-instant claims experience. Landlords who partner with Rhino know they won’t have to wait on us to be reimbursed.
- Rhino’s only purpose is to protect the rental unit. If a renter purchases a policy for $1,000 in coverage for the landlord, the landlord gets the full $1,000 worth of protection from us. Excessive damage or lost rent? Landlords are always covered. What you see is what you get.
- Insurance pools held by landlords blur incentives and unnecessarily drive up prices. We never pool coverage. “Pooled coverage” is one of those misfit components of other surety bonds that we cut out of our product back in those “drawing board” days.
- We take pride in simplifying leasing for everyone. We push the envelope in understanding how to leverage technology to deliver a world-class experience for our landlord partners and Rhino renters. We’re continuously honing our training process so that Rhino can be both a product and a resource.
We chose to invest time and effort to invent a new solution because we knew it was the best way to empower renters and optimize protection for landlords.