credit provider's rights - home building insurance

If you have taken out a loan with a credit provider and used your home as security for the loan, your home is said to be under mortgage with a credit provider. Under a typical home buildings insurance policy if a credit provider:

has a mortgage over your home, and

is noted on the current Policy Schedule

- and they require you to insure their interest in it, the cover described in the policy extends to the credit provider. The exclusions and conditions also apply to the credit provider. If the insurer decides to cash settle a claim under the policy, it will pay the credit provider the smallest of:

See insurance terms