Home ownership would only be for the very wealthy
Imagine if you had to buy everything after a fireplace or other disaster exhausted your home and its contents. Would you continue to buy a house knowing you’ll go bankrupt after one unfortunate event? albeit you’d, mortgage companies won’t be willing to lend you an outsized sum of cash if there was no way they’d get quickly reimbursed after an outsized loss.
“Who could buy a house—which is most people’s single largest asset—and take the danger that a fireplace might destroy it, leaving them homeless?” says Barry.
