Rhino Insurance Review: Renters and Security Deposit Insurance
Rhino renters insurance comes with very limited coverage, so it's not the best choice for most people. Its security deposit insurance makes sense only if you can't afford the deposit on your own.
Find Cheap Renters Insurance Quotes in Your Area
Editor's Rating
What is Rhino insurance?
Rhino is an insurance agency and broker that sells a few types of insurance for renters. This includes standard renters insurance and security deposit, which covers your security deposit so you don't have to pay a large amount of money when moving into a new apartment.
Rhino sells insurance from other companies instead of its own products. So if you need to file a claim in the future, you’ll work with one of its partner companies, not Rhino.
For example, Rhino offers renters insurance through Lemonade. If someone breaks into your apartment and steals your stuff, you'll file a claim with Lemonade.
Lemonade renters insurance is only available in 29 states and Washington, D.C. Rhino's security deposit insurance isn't available in Hawaii, Montana, North Dakota or Wyoming.
Editor's rating | |
|---|---|
| Price | |
| Coverage | |
| Customer service | |
| Unique value |
Pros & cons of Rhino insurance for renters
Pros
Very cheap rates
Easy to buy online
Cons
Extra coverage options
Only available if your landlord is a partner
Renters insurance has low coverage limits
Limited availability
Rhino renters insurance review
Rhino renters insurance is a convenient option if it partners with your landlord.
Rhino sells renters insurance through Lemonade, one of the cheapest and best renters insurance companies in the country.
Rhino's coverage options are very limited compared to Lemonade's regular offerings. Rhino insurance comes with lower coverage limits than you'll find with Lemonade.
If you just want a policy to meet your landlord's requirements, Rhino may be a good choice. If you need more than a very basic policy, you're better off buying insurance directly through Lemonade.
Rhino renters insurance quotes
Rhino renters insurance is extremely affordable. At just $7 per month, it costs about half as much as average. It's also $3 per month less than the second-cheapest company, Allstate.
Find Cheap Renters Insurance Quotes in Your Area
Rhino insurance rates vs. competitors
Company | Rating | Monthly rate |
|---|---|---|
| Rhino/Lemonade | $7 | |
| Allstate | $10 | |
| State Farm | $12 | |
| Amica | $19 | |
| Farmers | $19 | |
| Progressive | $26 |
Rhino renters insurance discounts
Rhino doesn't share info about its discounts. However, Lemonade offers a pay-in-full discount for paying your annual bill upfront, and a protection equipment discount if you have a deadbolt on your door or other security devices in your home or apartment.
Lemonade also offers a multi-policy discount for bundling your renters insurance with car or pet insurance. But you may not qualify for this discount if you buy your policy through Rhino.
Rhino renters insurance coverage
Rhino's renters insurance comes with less coverage than most other companies offer. And it doesn't give renters the option to pay extra for more protection.
Rhino renters insurance includes the following limits:
- Personal property coverage: $15,000
- Personal liability insurance: $100,000
- Additional living expenses: $3,000
- Medical payments: $500
For example, a Rhino policy comes with only $15,000 of personal property coverage. Personal property insurance covers all of your belongings, from your TV and laptop to your furniture, clothes and jewelry.
In many cases, $15,000 won't be enough to fully replace all of your belongings, especially if you rent a house or large apartment.
Rhino's additional living expenses coverage is also very low. This is the amount your insurance company will pay if your rental home or apartment is damaged and you have to move out while the landlord makes repairs.
Depending on where you live, $3,000 may not be enough to cover the cost to move your stuff out, stay in a hotel or apartment and pay for takeout food for an extended period of time.
Rhino renters insurance customer service
Lemonade renters insurance has mixed customer service reviews, which makes it hard to know what to expect if you have to file a claim in the future.
Rhino security deposit review
Rhino is a solid choice if you need security deposit insurance. But you can get it only if your landlord is signed up with Rhino, too.
However, security deposit insurance isn't a good deal for most people.
You should only consider it if you're in a bind and can't afford to put down the deposit yourself.
How much is Rhino deposit insurance?
Rhino states that its security deposit insurance costs as little as $4 per month. However, the amount you'll pay varies depending on where you live, your credit score, the security deposit amount and any prior renters insurance claims on your record.
If your quote is on the lower end, a Rhino security deposit policy may be worth it. But keep in mind that, if you plan to stay in your rental for a long time, the total cost of a Rhino policy could end up being more than the security deposit.
How does a Rhino security deposit work?
Security deposit insurance allows you to skip paying a large security deposit when you move into your new place.
Instead, you'll make a smaller monthly payment to Rhino. Rhino then agrees to cover the cost of any damage you cause to your apartment or rental home.
However, if you damage your apartment or rental home, you're not totally off the hook. You still have to reimburse Rhino for the cost of repairs.
This is where security deposit insurance differs from renters or auto insurance. It doesn’t pay for repairs or losses when something goes wrong — you do.
For example, say you accidentally start a kitchen fire in your apartment, and the smoke damages your furniture, along with the walls and carpet.
Your renters insurance policy will pay to replace your furniture after the fire. While your rates may go up due to the claim, you don't have to pay the insurance company back for the damaged furniture.
Rhino security deposit insurance will pay to fix the damaged walls and carpet. Then, they'll send you a bill for the repairs.
Security deposit insurance isn't the best choice for most people.
With a traditional security deposit, you get your money back when you move out, as long as you don't damage your apartment. With security deposit insurance, Rhino keeps your money at the end of the lease. That means you won't get any money back when you move out.
Who accepts Rhino security deposits?
Rhino is partnered with a handful of large property management companies, along with smaller companies and individual landlords. Rhino's largest partners include:
- First Communities Management
- Highmark Residential
- Peak Living
- Real Property Management
- Property Management Inc
- UDR
The best way to find out whether an apartment or home you're thinking of renting accepts Rhino security deposit insurance is to contact the property management company or landlord directly.
Rhino lease guarantee
If you can't get a lease on your own, Rhino can act as your cosigner for a fee. This could be helpful if you have poor credit or can't afford your first and last months' rent up front.
Frequently asked questions
What is Rhino insurance for?
Rhino offers a few types of insurance for renters. Its renters insurance helps protect your belongings and covers legal bills if someone is hurt in your home. Rhino security deposit insurance covers your security deposit in exchange for a monthly payment. But it doesn't cover the cost to repair any damage you cause.
How much does Rhino insurance cost?
Rhino renters insurance costs around $7 per month. Its security deposit insurance starts at $4 per month, but can be more expensive depending on your credit score, where you live, your insurance history and the amount of your deposit.
Do you pay Rhino monthly?
You can pay your Rhino insurance bill monthly, or you can choose to pay for the full year upfront.
Methodology
To find the average cost of Rhino renters insurance, ValuePenguin editors gathered quotes from addresses in Joliet, IL, Portland, OR, and Dallas, TX. Rates are for a 25-year-old single man who lives alone and has no prior insurance claims.
Quotes include the following coverage limits, which are slightly higher than a typical Rhino policy, due to availability.
- Personal property coverage: $15,000
- Personal liability coverage: $100,000
- Medical payments: $1,000
- Deductible: $500
Lindsay Bishop
Senior Writer
Lindsay Bishop is a Senior Writer at ValuePenguin, where she educates readers about home, auto, renters, flood and motorcycle insurance.
Lindsay began her career in the insurance and financial industry in 2010. She was a licensed auto, home, life and health insurance agent and held Series 6 and 63 financial licenses.
After a hiatus from the financial sector, Lindsay returned to the industry as a content writer for ValuePenguin in 2021. She enjoys having the opportunity to help readers make smart decisions about their insurance so they can be prepared for anything life throws their way.
When Lindsay isn't writing about insurance, you can find her spending time with family, enjoying the outdoors on Sunday long runs or riding her Peloton.
How insurance helped Lindsay
As a homeowner for 15 years located in South Carolina, Lindsay has plenty of experience navigating the coastal insurance market and managing the claims process. That includes successfully negotiating a full roof replacement claim.
Expertise
- Home insurance
- Car insurance
- Flood insurance
- Renters insurance
- Motorcycle insurance
Referenced by
- CNBC
- Yahoo Finance
- Miami Herald
Education
- BS/BA Economics, University of Nevada Las Vegas
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
