NEW YORK, July 6, 2021 /PRNewswire/ -- Rhino, the New York City-based insurtech company that pioneered security deposit insurance, has automated the employment and income verification process for renters. With Rhino's enhanced renter experience, renters can now securely authenticate their bank account information in order for Rhino to confirm their employment and income status when calculating their monthly premium.
By adding this feature, Rhino is adding an instant, secure method for renters to share limited financial information and receive the most accurate price to satisfy their security deposit and protect their landlord from excessive damage and lost rent. Both renters and landlords alike will benefit from faster, more accurate security deposit insurance policies.
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.
"Confirming important pieces of a renter's financial information, such as their employment and household income, has long been a time-consuming, costly, and inefficient process for property owners when screening and processing lease applications," said Bryan Woods, CTO at Rhino. "Our new features provide renters with an instant, secure, and seamless way to obtain the most accurate quote, and gives added confidence to our landlord partners that these important details are accurate."
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.