Home Renters Insurance

I'll buy a house on land contract. Should I get the owners or tenants? Also, if I wear the owner's insurance policy should be, too?

Until you take the title, you are renting / leasing. property owner needs to conduct the homeowners' insurance until you take actual title in most states. MI, I think, is sometimes a buyer LC in the title, in the end, check with your health insurance status to be sure.

Who pays what should be specified in the contract of the land. each is different. Usually, you pay the tenant and the landlord that they pay, but when I saw how the buyer (you) pays as both terms of the agreement. A land contract is not an agreed standard purchase of real estate. Everything must be specified in advance and in writing in.

Well, you need to talk to your agent.

* * I always recommend the deeded owner Buy policy. On the land market, the seller will say that until this act is returned.

However, this does not protect your interest in the house, as if the place burns, and the owner receives the money and goes away, you're SOL.

Frankly, I do not like too much land contracts - if you rely on the owner to carry the coverage, the tenant / buyer can burn. If the owner is based on the tenant / buyer for coverage, the owner may get burned. If your baggage coverage on the house, it's time claims, you are paid every you on what you are insured for the house.

So if you, the tenant / buyer wonder what is in your interest, this is for you to achieve coverage, at your expense. One way or another, all insurance and property taxes will end up at your expense, anyway.

You can not buy the owners unless you own the house. You do not have an insurable interest in the property. You must take out civil liability insurance policy with tenants in it while you live in the, and to lease the property. You should consult an insurance agent. If you are a tenant, the landlord must ensure the property. If the owner has paid the property, it is not obliged to buy the policy owner. However, it is subject to liability (someone stumbles and falls for example) and of course, still may lose the property (fire, for example) so most owners have coverage.
Some leases state that the tenant is responsible to replace the property if it is responsible for the damage (you have a kitchen fire, for example). Do not sign such a lease. No policy will replace any tenant that you do not own. It's a big mistake to sign a lease that makes you liable for the obligations of the lessor.

If you own the house, ie, the structure and contents of the house, you should buy home insurance. When something bad happens to your house, the insurance company will pay for the reconstruction of the house. renters insurance is a content and 3rd party liability. I think you should buy insurance owner.