Tenant wants to use Rhino to cover security deposit

[Eric W.]

I'm in NYC- tenant says its his choice to use Rhino as a security deposit replacement.  He has already used 2 months security for rent and Im against using Rhino, would rather have a cash security deposit.  Im having a hard time seeing what my other options are as the power is with the tenant right now and hes rather stubborn.  Id rather take half the security deposit rather than use some crummy third party insurance.  Anyone have suggestions?

[Taylor L.]

Originally posted by @Emanuel Ohunwu:

@Taylor L. I was looking at information on Rhino and found this thread. Does rhino cover damage caused by tenants? Or does the policy only cover lost rent? How do you like using the service so far?

As far as I know it does indeed cover damage. To be honest I'm quite sure it's going well because Rhino hasn't come up on one of our asset management calls in months! The property manager has it all under control and doesn't need owner input on Rhino anymore, which is the goal!