A FHA insured mortgage loan really has nothing to do with you. FHA insured the mortgage loan with the bank. In the event you would not be able to pay the monthly mortgage payment FHA would repay the bank any funds not paid by you.
In this manner the bank that you borrowed the money to purchase the house would not be on the hook for the house, thus the house would not be a liability to the bank.
FHA would take possession of the house, thus the house would be a liability to FHA.
You would still be liable for the mortgage payment, as the lender or FHA would foreclose on the property. A foreclosure would become a negative on your credit report for several years.
This is not insurance for you and would not relieve you of your financial responsibilities to pay the monthly mortgage loan payments.
You have hazard (Fire) insurance to cover any catastrophe, that would pay you to replace your house in the or make it hold once again in the event of fire, accidentally being destroyed by unforeseen happenings.
I hope this has been of some benefit to you, good luck.