Others will chime in (look for the legal eagles John T or Mike WA for the good advice and they will both say consult local counsel)but.....
When you say purchase on contract that implies something different to me than purchased with Owner financing (mortgage). On contract (Contract for Deed) would tell me that your mother still indeed "owns" the place and could have some liability associated with that. You might be able to address that by naming her as an "additional insured" on the policy you have (talk to your agent and see if they can accommadate that). If your mother is holding a mortgage (loan) than you are the Owner and I don"t see how she could be liable in that case.
As somebody else mentioned, issues of residence could bear on this. Consult local experts.
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