(Image credit: TeeFarm.)

Real estate technology company Rhino (New York), has announced its expansion into renters’ insurance, in partnership with Cover Genius (New York), an InsurTech dedicated to embedded insurance. Coupled with Rhino’s core product, Security Deposit Insurance, the new Renters’ Insurance offering will maximize the level of coverage for renters and property managers through a seamless product experience, according to a Cover Genius statement.

“Renters’ insurance is a natural extension of our core offering and a continuation of our commitment to provide renters with smarter and more affordable solutions,” comments Paraag Sarva, CEO and co-founder, Rhino. “By adding renters’ insurance to our product line, we can offer renters more coverage in addition to our flagship security deposit insurance product. Renters can purchase all the protection they need in one seamless experience.”

The Rhino Renters Insurance Program is designed to let property managers to offer competitive rates for renters across multi-region portfolios while giving renters the convenience of managing their policies in one self-serve platform and the ability to provide proof of insurance seamlessly. Property managers and renters have 7-day-a-week access to Rhino’s customer support.

Single API Call

Rhino’s Renters Insurance Program is powered by XCover, Cover Genius’s global insurance distribution platform that enables companies to embed and offer any line of insurance or warranty product directly to their customers with a single API call, and XClaim, an API for instant payments. With XClaim, Rhino is able to make the FNOL process more efficient by providing instant claims payments in more than 90 currencies and through a range of payment methods including bank transfer, store credit, card top-up and digital wallets, according to the Cover Genius statement.

“With a mission to protect the customers of the largest digital companies, we are excited to collaborate with Rhino to help create a more seamless and beneficial user experience for renters and landlords by bundling renters’ insurance and security deposit insurance,” comments Dave Brune, President, Americas, Cover Genius. “With ‘convenience’ being the primary driver of why 70 percent of consumers want embedded protection integrated into their digital experiences, this partnership comes at a pivotal moment in the property space, where innovative technologies can be used to enhance the rental experience.”

Cover Genius Secures $100M in Series C Round led by Sompo Holdings Asia