Rhino to Begin Offering 'Loss of Employment Protection' to Lend Financial Support to Renters Experiencing Challenging Times

The new program will provide renters with financial security and peace of mind in the case of an unexpected job loss

NEW YORK, Dec. 12, 2024 /PRNewswire/ -- Rhino, the pioneer of security deposit insurance, today announces that the company will begin offering 'Loss of Employment Protection,' a new benefit created specifically with renters in mind. Beginning this month, renters across the country can enroll in the service, which covers rent payments for full time policyholders who lose their job involuntarily and qualify for state unemployment benefits.

Qualified renters can enroll in the program at any point during their lease, and through an affordable monthly premium, are protected with three months of rent coverage, helping them to stay in their homes without the financial strain of rent payments.

The launch of Rhino's Loss of Employment Protection comes as job security continues to be top of mind for U.S. workers. According to the U.S. Bureau of Labor Statistics, 7.8 million Americans faced unexpected job loss last year, with job cuts impacting workers across industries.

Rhino, which aims to modernize the renting experience, has recently expanded its offerings to include digital deposits, renters insurance, and lease guarantee, in addition to its flagship security deposit insurance product. Loss of Employment Protection is the newest addition to its product suite, designed to support and financially empower renters when they need it most.

"Job loss is widely considered among the most stressful life events and can create a huge financial burden for those impacted, especially when it comes to housing stability," says Rhino CEO Ben Lantos. "With ten weeks being the median time¹ it takes for an unemployed individual to get rehired, we can offer renters the resources they need to focus on the next steps in their careers without having to worry about paying their rent."

To qualify for coverage, full-time employees must enroll while employed and have been in their current position for 90 days. Plans start as low as $5/month, and renters can receive immediate coverage when eligible. Renters can sign up at any time during their lease by visiting sayrhino.com/loss-of-employment-insurance.

Since launching in 2017, Rhino's innovations have saved renters over $1.5 billion in upfront move-in costs to-date, and have reduced operational costs for more than 2,500 landlords and property managers, comprising over 14% of the U.S. rental market. To learn more about Rhino's solutions for renters, landlords, and property managers, visit sayrhino.com.

About Rhino
Rhino was founded to give renters everywhere access to greater financial freedom to plan and enjoy their lives. In 2017, backed by Kairos, Rhino pioneered the first security deposit insurance, replacing cash deposits with smart, affordable insurance so that renters can maintain control of their money. In place of a large upfront cash security deposit, renters pay Rhino a small fee, and Rhino ensures the property owner for damages that might occur and rent lost. In 2024, Rhino launched end-to-end deposit management, transforming how security deposits and other insurance solutions are administered.

¹ U.S. Bureau of Labor Statistics, October 2024

Press Contact
Lauren Doyle
ldoyle@sayrhino.com

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SOURCE Rhino