Considering how cheap hard drives are now - I've just bought 1TB for £85 - storage really isn't an issue. Even at 50MB, a single £50 500GB drive will hold 10,000 images.
It's usual for the more organised professionals to keep archive copies offsite already.
Also, these days most people seem to use Photobucket etc for sharing.
Either way you'll still have your photos if your house burns down.