Suppose that tomorrow nearly everyone in your community finds out that, through no fault of their own, they cannot afford property insurance and that the insurance is so expensive that you cannot keep your uninsured propery but you cannot sell it either.
What do you and those thousands of others do?
If, after leaving off your 600 dollars a year cable bill, leaving off your extra 300 dollars a year for an extra phone line (long distance service is optional), cutting your "eat out" budget to the bone (avg american family spends at least 1500 dollars a year eating out), and other horrid brutal recommendations, we might have to do what we did when living in Beaumont TX when the oil boom busted. We walked away from the house. Was it painful and a waste of money? Yeah. Did it ruin us? No. It is called "being an adult and taking responsibility for the choices I make." Even when the results of those choices could not have been foreseen.