Cover Genius and Rhino Are Joining Forces to Support Renters
Renters can often find themselves up against it financially – and this situation has only been compounded by the COVID-19 crisis.
With many members of the Millennial and GenZ generations staring down the barrel of never being able to afford their own home, thanks largely to soaring property prices and the prohibitive deposits required before they can even talk about mortgages, forever renting is a very real prospect to many.
Renting property comes with a host of challenges, from the insecurity of not knowing whether a landlord might decide to sell your home (or turn it into a more profitable Airbnb) and put you out on the street at a moment’s notice, to the difficulties associated with paying exorbitant letting agent fees and security deposits – not to mention how hard it can be to get that deposit back at the end of the lease.
It is this situation which has led global insurance tech brand Cover Genius to partner with Rhino to support its property renting customers with their security deposit woes.
Rhino
Founded out of the belief that the affordability of rented accommodation needs to be urgently addressed, Rhino seeks to provide landlords and tenants with a mutually beneficial alternative to the traditional security deposit paradigm, which is heavily skewed in the landlord’s favor.
"In 2016 we set out to create a financial product that was better than a cash security deposit because housing affordability was one of the largest issues facing our country," says Rhino on its website. "The average American has less than $400 saved for emergencies. Financial flexibility will be a difference-maker that defines our time and holding on to savings in important moments goes a long way. 190 billion dollars are locked away in deposits across the United States. It’s time for that to change."
The Rhino solution allows renters to eschew the usual lump sum security deposit and instead opt for paying a small amount each month in the same fashion as an insurance policy. This allows them to save money at the time of moving in – many landlords ask for two months’ rent up front and a further month as a security deposit, plus fees – and eliminates the stress of trying to retrieve their money if and when the tenancy comes to an end.
Rhino estimates that its security deposit alternative can save renters up to $840 dollars in upfront payments – money which can go towards furnishing, moving assistance, or other new home essentials.
Cover Genius
To further its own goal of supporting renters with its embedded home insurance products, Cover Genius has now partnered with Rhino to bring their two packages together. Coupled with Rhino’s innovative security deposit insurance alternative, Cover Genius’ new Renters’ Insurance offering will maximize the level of coverage for renters and property managers through a seamless product experience between the two brands.
"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 President for the Americas at Cover Genius, Dave Brune. "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."
Cover Genius’ proprietary insurance distribution program, XCover will power the Rhino Renters Insurance Program. XCover is a powerful digital platform which empowers large global companies to embed and offer any insurance or warranty product to customers with a single API call.
Cover Genius will also provide Rhino access to XClaim, an API for instant payments, which will enable Rhino to make its notice of loss process significantly more streamlined through instant claim payments in more the 90 global currencies and through a host of popular payment methods including bank transfer, store credit, card top-up and digital wallets.
"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 CEO and Cofounder of Rhino, Paraag Sarva. "By adding renters’ insurance to our product offering, 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."
Final Thoughts
Renters certainly need a helping hand in the current economy and offering an alternative to costly security deposits is sure to be welcomed. With their two brands working together to make renting simpler and more affordable, Cover Genius and Rhino are making sure those who are unable to purchase their own homes right now at least have an affordable alternative.
You can hear Cover Genius Chief Operating Officer for the Americas Darcy Shapiro speak at Digital Insurance Summit 2022, taking place in May at the Renaissance Chicago, IL.
Download the agenda today for more information and insights.