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Yes, you can purchase Home Price Protection even if you do not own the Property. The product can be bought for the benefit of someone else. However, to be eligible for a Payout, the Contract Holder, who could differ from the initial buyer, must be the owner of the Property by the Expiration Date.

For instance, a home seller might buy the product intending to benefit the buyer. In this scenario, the product may be bought by the seller, but the home buyer must be listed as the Contract Holder and assume ownership of the Property to qualify for a potential Payout. This requirement emphasizes the fact that only a Contract Holder who owns the Property is eligible for a Payout.

For more details about these terms, you can refer to the respective FAQs: "What is the Property?", "What is the Payout?", "What is the Contract Holder?", and "What is the Expiration Date?".