NEW YORK, Aug. 9, 2021 /PRNewswire/ -- Rhino, the New York-based insurtech company that pioneered the security deposit insurance, today announced the launch of a new program specifically designed to help the small and medium-sized landlords. With Rhino currently offering their security deposit insurance services for both large, multi-family and single-family properties, this newest announcement geared toward small landlords solidifies Rhino as the premier company providing solutions at every level in the rental spectrum.
Rhino is now offering smaller landlords the platform for their renters to pay security deposit insurance, empowering property owners to run their business more efficiently, offer enterprise-level customer service and protect their properties. Rhino's insurtech platform empowers the landlord by giving them the ability to sign up and invite a renter all within a convenient, five minutes process.
The challenges put on the rental market by COVID-19 have already forced over 12% of small landlords out of business. Rhino's priority is to make life easier for the landlord and the renter by providing a safe and affordable solution to the upfront security deposit fees that outprice many potential renters. Not only does this ease the financial burden for renters, it expands the pool of qualified and accessible tenants for landlords. Rhino's technology will be able to serve 20 million small-to-medium sized property owners across multi-family and single-family portfolios.
"Due to the pandemic, small landlords have been left to struggle financially without collecting rent and they face more challenges now that the eviction moratorium has been extended," said Paraag Sarva, co-founder and CEO of Rhino. "Historically, security deposit insurance has only been available to large property managers in the industry. Now, with Rhino's technology, a landlord with one or 1,000 properties has the ability to offer security deposit alternatives to their tenants.
Rhino's flagship product, 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 $4 per month, and Rhino insures the property owner for damages that might occur and lost rent. Rhino's integrations with property management systems enable property managers to securely invite new renters to replace their cash security deposit with a low-cost and affordable insurance policy at scale.
About Rhino: Rhino was founded to give renters everywhere greater financial freedom to plan and enjoy their lives. We eliminate the need for traditional security deposits by replacing them with smart, affordable insurance so renters can maintain control of their cash. Instead of a large upfront cash security deposit, renters pay Rhino a small monthly fee, and Rhino insures the property owner for damages that might occur and lost rent. To date, we are offered in over 1 million homes, and we have saved renters over $300 million in cash.