I have an extra YubiKey and a printout of my 1Password stuff and my Apple FileVault key printed out and in a safe deposit box. I’m not paranoid about a lot of stuff, but in the event there is a catastrophic incident and all of my devices are impacted (I personally have 4 Macs, 3 iPads, two iPhones and multiple Apple Watches), the important stuff is available if my emergency contacts aren’t.
Yeah, I know that’s a downside. I try to check every 5 years or so. But there is nothing that is going to be truly fool proof, so I figure my best option is to have as many safety levers as possible and do what I can to never lose my phone.