How to talk about security deposit insurance to renters
Rhino is a solution proven to drive value for owners, but renters still have questions about how it works, when to use it, and how it’s different from traditional deposits. We’re here to help you answer those questions. Reducing back-and-forth and clearing up confusion gets more renters in the door and more leases converted.
And if you want to get more specific…
Here’s what renters need to do
Rhino is a direct 1:1 replacement for the cash deposit. Renters should still behave the same way they would if they’d submitted a cash security deposit by keeping their apartment free of damages and not skipping out on rent.
- Rhino is not a get-out-of-jail-free card. The only functional difference between Rhino and a security deposit is that instead of being financially responsible to the property owner, renters are now financially responsible to Rhino.
Here’s what renters are financially responsible for
Since renters are used to only dealing with cash deposit deductions, it’s important to familiarize them with a claims process like Rhino’s. Explain it like this:
- An incident happens (excessive damage or unpaid rent).
- The property manager submits a claim to Rhino for the dollar amount of the incident.
- The renter will receive a notification that a claim has been submitted on their Rhino policy. It will also tell them why the claim has been submitted.
- Renters can always tell their side of the story when they receive notice that a claim has been submitted.
- Rhino then evaluates the claim before approving or denying it.
- If a claim is approved, Rhino pays the property owner for the amount listed.
- When Rhino pays property owners, renters then owe Rhino for that amount, just like deductions from a cash deposit.
How renters renew their Rhino policy
With a traditional cash deposit, renewal just means owners keep the deposit on file and don’t return it. With Rhino, renters will need to log in to their Rhino portal and confirm whether or not they’ll be renewing their lease and would like to renew their Rhino policy. Even though it’s a simple process, it’s slightly different than what they’re used to. Here’s how to explain it to them:
- Renters should look out for a notice from Rhino 90, 60, and 30 days before lease renewal.
- Renters can confirm renewal at any point in the last 90 days of their lease.
- If a renter does nothing, their policy will auto-renew.
Why do owners offer Rhino in the first place?
Renters want to know if there’s a catch. Sometimes saving money feels too good to be true. It’s a good idea to be transparent about the benefits of Rhino for owners if renters ask.
- Owners use Rhino to differentiate their properties in competitive markets. Providing affordable alternatives is a great way to do that.
- Owners can use Rhino to avoid dealing with the administrative headache of processing deposits at move-in and move-out.
- Owners use Rhino to rent to a wider variety of renters than before while getting better protection than cash. It’s a win-win for both sides.
Rhino is the renter friendly security deposit insurance. Send our team a message here to learn more about using Rhino to create mutual benefits for your team and your renters.