It's only money.... you can't take it with you.
For all 3 of my servers I'm only paying around $220 a month now. None of them have hardware RAID (software only) and I back all the data up regularly to a remote VPS and here at the house. The hosting provider is supposed to be pretty good at getting equipment that fails replaced in a timely manner - and by having multiple servers I can always copy the necessary information over to one of them while it's getting repaired. If nothing else, I can always set up a spare VPS on my Proxmox one.