Rhino, an insurance broker, offers a new product it calls 'security deposit insurance.' 'It's insurance that the renter purchases for the landlord's benefit, in case there's unpaid rent or damages,' Paraag Sarva, Rhino's CEO said.
called "Renters Choice" is pressing cities and states to loosen laws around security deposits to give greater leeway to the new products, which are known collectively as "security deposit replacements," or SDRs.Companies like SureDeposit, TheGuarantors, Rhino, LeaseLock and Obligo are busy signing up property owners; each of them has a different system.
A tenant whose rent is $3,000 a month, for example, would pay a monthly fee of $20 or so for a policy that would pay the landlord as much as $3,000 if there were problems when the tenant moved out.It's different from the traditional renter's insurance,"Collecting cash Tenants who don't pay a security deposit also give the landlord preauthorization to charge their bank account for an amount up to the deposit, though no funds are held or restricted.
The inspiration, he said, came from "when you check into a hotel, you swipe your card to provide a preauthorization in lieu of a cash deposit."
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