Home Insurance for Land Contract Property

We are thinking about looking for a house and acreage on a land contract deal.  I was wondering what kind of home insurance you need for that? Is it "our" home so we need regular homeowner's insurance or would it be covered under a renter's insurance...no clue! 

My dream home is up for sale right now but at almost $200K, it is out of our price range.  I sure wish we could get that house!  Ten acres with barns, recreation room, family room, living room, dining room AND breakfast room!  Six kids, five dogs, and two horses could actually fit that property.  I want that house!