True, but houses burn down all the time. Or get destroyed by "acts of god" that insurance won't cover. If you backup your private key in a redundant way, multi

True, but houses burn down all the time. Or get destroyed by "acts of god" that insurance won't cover. If you backup your private key in a redundant way, multiple storage locations can be completely destroyed without any loss. If you were really paranoid, you could distribute it around the world to mitigate geographic and geopolitical risk.