The only “work around” is if something unintended comes up, such as a deployment, you lose your job and need to move for a new job, have triplets and need a bigger place, etc. then you can legally move before the term is up.

@Dalton PayneIf you decide to sell the house - You will likely lose approximately 10% or so in value.6% to realtor commission4% to other closing costsDo you feel like the property still have the opportunity to appreciate in value?

All of them need to be used in conjunction for a comprehensive structure giving you asset protection.Now some people will tell you they are not using insurance nor any asset protection at all and have done well for years, some other will tell you horror stories about losing their shirt on a devastating lawsuit.

Seller sold by owner and took a looking to my background, story, family and after 2yrs of looking and losing to all cash bids, the stars aligned.

You can renovate it on your own schedule, and don't have to lose hair over immediately getting an ROI.

Because your market is going to correct and fall and you're going to lose equities in your home.

Note, even if insurance pays for all the damage your property suffers, you still lose.

Another thing to be aware of, the insurance marketplace is losing money on apartment complexes. 

However, I assume banks will be losing big time in such a scenario.

I see posts in the mass media and reality shows with owners pounding their chest about 5-10% cap rates or gross incomes ignorant of $100k downpayments + $100k renovations/furnishings.