Someone on reddit mentioned another app that can apparently do this. If so, that's just crazy.

If Apple is going to run all of Homekit off your phone, they'd better make damn sure the backup of that system works. I'm now pretty worried what would happen if I lose this phone or have to wipe it or just do an upgrade. I guess as long as the command to delete the home isn't sent, that data will still work on the system, perhaps through my Home hub (Apple TV)? I have no clue.