If you are buying a home on contract do you buy renters insurance or homeowners insurance.

Until you are the owner and your name on the deed, you purchase renter's insurance. The seller of the property should have owner's insurance on the home. Check to see if in fact he does have owner's insurance and what are the policy limits and what is and what is not covered and if the insurance premiums are up to date.

You wouldn't need to purchase insurance until you are the owner of the property. If you are a tenant (and only living there temporarily) then renter's is the way to go.

But the seller should maintain insurance on the property until closing and you take over as new owner.