Topic: Has anyone worked with Rhino or Jetty as a Security Deposit alternative or supplement?

Has anyone worked with Rhino or Jetty as a Security Deposit alternative or supplement?
My understanding is it's a insurance policy that can be paid monthly or for a year... My concern would be what happens if the tenant stops paying or doesn't pay the annual renewal?
Do they cancel like a regular insurance policy?
Can the LL pay for the policy until you get the tenant out?

Jetty they pay up front or for the whole time they live there. We use it and we’re told that it doesn’t matter if the tenant stops paying the fee to them, we are still covered. Most of my people take the up front cost and we’ve had 1 move out so far with it owe money. Got a check within a week. So far it’s been great! Haven’t lost a move in for too $$$$ move in since we added it. I haven’t used Rhino so can’t speak to that one.

Check out Obligo if you are looking at deposit alternatives

We use LeaseLock

Require the property ( legal entity) or the "management office of 1234 main st" be named as an additional insured. If the policy is ever terminated (early), you will receive written notice.

I've had multiple policies with different insurance companies laps on property I've owner carried where the insurance company never sent a notice, I wish that could be reliable. The worse was when the policy was service by my own agent... SMH

We use Rhino and if we find that they missed their payment we add the entire amount to their account. So it’s in their best interest to pay. With the insurance the property should be named ”interest party” so if they cancel the LL is notified.