Rhino’s security deposit insurance acts as a “direct replacement” for a cash security deposit. Renters pay the firm monthly fees to insure their landlord’s property for damages and lost rent.
The firm claims it has tripled in size to more than 100 employees. It says its policies cover one million homes in the US, and saved renters $250 million in cash.
Ankur Jain, chairman at the firm, believes the rental insurance industry is set for “explosive growth”.