https://www.businesswire.com/news/home/20180715005031/en/

NEW YORK--(BUSINESS WIRE)--Jul 15, 2018--Today’s announcement by New York City Comptroller Scott M. Stringer includes a recommendation to require residential landlords to accept insurance alternatives like Rhino over traditional cash security deposits. The proposal is a major step forward in modernizing New York City’s current security deposit system — the antiquated collection of cash deposits held in individually-segregated escrow accounts by landlords, tying up over $4 billion in cash for New Yorkers.

Under the Comptroller’s recommendations, among other options, every renter would be able to purchase low-cost insurance like Rhino instead of paying an upfront security deposit, as is typically required by residential landlords.