Buying without a mortgage

Not on LI of course

DH and I are in the process of buying his grandmothers place. It is mobile home upstate on 5 acres. We will not have a mortgage.

Does anyone know how we go about insuring it? Do we need the insurance in place before signing the papers? Do we need less insurance than someone who has a mortgage? Do we need something different than the normal homeowners insurance?? Im clueless.

Re: Buying without a mortgage

You would need the same insurance you would have on a mortgaged property the only difference is you wouldn't need to have the mortgage company as an additional insured. I would have the insurance set up prior to closing and effective the day of closing.

Re: Buying without a mortgage

thanks, that is what I thought, I just didn't know if it was different than a mortgaged actual home.