Rhino Partners with Cover Genius To Protect Renters with Embedded Insurance, Bringing Convenience to the Rental Experience

NEW YORK, Oct. 19, 2021 /PRNewswire/ -- Rhino, the leading real estate technology company, today announced its expansion into renters' insurance, in partnership with Cover Genius, the leading insurtech for embedded insurance. Coupled with Rhino's core product, Security Deposit Insurance, the new Renters' Insurance offering will maximize the level of coverage for renters and property managers through a seamless product experience.

"Renters' insurance is a natural extension of our core offering and a continuation of our commitment to provide renters with smarter and more affordable solutions," said Paraag Sarva, CEO and co-founder of Rhino, "By adding renters' insurance to our product line, we can offer renters more coverage in addition to our flagship security deposit insurance product. Renters can purchase all the protection they need in one seamless experience."

The Rhino Renters Insurance Program allows property managers to offer competitive rates for  renters across multi-region portfolios while giving renters the convenience of managing their policies in one self-serve platform and the ability to provide proof of insurance seamlessly. Additionally, property managers and renters have 7-day-a-week access to Rhino's best-in-class customer support. The Rhino Renters Insurance Program is offered for as low as $12.50 per month, now available nationwide.

Rhino's Renters Insurance Program is powered by XCover, Cover Genius's global insurance distribution platform that enables the world's largest digital companies to embed and offer any line of insurance or warranty product directly to their global customers with a single API call, and XClaim, an API for instant payments. With XClaim, Rhino is able to make the first notice of loss (FNOL) process more efficient by providing instant claims payments in more than 90 currencies and through a range of payment methods including bank transfer, store credit, card top-up and digital wallets.

"With a mission to protect the customers of the largest digital companies, we are excited to collaborate with Rhino to help create a more seamless and beneficial user experience for renters and landlords by bundling renters' insurance and security deposit insurance," said Dave Brune, President, Americas of Cover Genius. "With "convenience" being the primary driver of why 70% of consumers want embedded protection integrated into their digital experiences, this partnership comes at a pivotal moment in the property space, where innovative technologies can be used to enhance the rental experience."

The Rhino Renters Insurance Program will be available in all 50 states.

About Rhino: Rhino was founded to give renters everywhere greater financial freedom to plan and enjoy their lives. Rhino eliminates 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, Rhino is offered in over 1 million homes, and has saved renters over $300 million in cash.

About Cover Genius: Cover Genius is the insurtech for embedded insurance that protects the global customers of the world's largest digital companies including Booking Holdings, owner of Priceline, Kayak and Booking.com, Intuit, Skyscanner and Descartes ShipRush. We're also available on eBay, Wayfair, Tile and, SE Asia's largest company, Shopee. Cover Genius' vision is to protect all the customers of the world's largest online companies through XCover, an award-winning global distribution platform for any line of insurance or warranty, and XClaim, an API for instant payment of approved claims that delivers an NPS of +65, a result that has been independently recognized as the highest for any insurance company globally.

Cover Genius and partners co-create solutions that embed protection, aided by Cover Genius' licenses in 60+ countries & all 50 US States.

SOURCE Rhino