How to Use the Security Deposit Insurance Cost Calculator
Security deposit insurance, offered by companies like Rhino or LeaseLock, lets renters pay a smaller non-refundable premium instead of a full refundable cash deposit up front. The landlord remains covered up to the full deposit-equivalent amount for damage or unpaid rent, but the renter pays a percentage-based premium each lease term instead of tying up cash.
Enter your monthly rent, the deposit multiple your landlord requires, and the insurance premium rate to compare the traditional cash deposit against the deposit insurance premium. The premium is smaller upfront, but unlike a cash deposit, it's never refunded — so weigh the cash-flow benefit against the total cost over your tenancy.
Frequently Asked Questions
Security deposit insurance (or a deposit alternative) lets renters pay a smaller non-refundable premium instead of a full refundable cash deposit. The landlord is still covered up to the full deposit amount if there's damage or unpaid rent.
The premium is much smaller upfront than a full deposit, but it's non-refundable — you pay it every lease term with no return, unlike a cash deposit which you get back if there's no damage.
No, it depends on the landlord or property management company's policy. Some properties offer it as one of several deposit options, while others require a traditional cash deposit.