It seems as if you have spurred a bunch of ignorant posters with no sense of how things work in the real world.
FYI – it works the same with your car if it is stolen or destroyed. I love the stories of people who are upside down in a lease and joke that they are going to leave it at the border with the keys in it so it will get stolen and taken to Mexico. Insurance may pay the replacement cost of the car but if you owe more than the value of the car, you are on the hook for the difference.
