Here's a scenario for you: you have a robust home network configured. You have redundant storage, redundant servers, maybe some VMs for different functions. You're meticulous with your backups to ensure you'll never experience a long term outage or loss of data.
You're out to dinner one night with the wife. The cat jumps up on the counter, knocks something into a wall socket, sparks fly and set your house on fire. It's a total loss. How are those backups working for you?
I'm recalcitrant to adopt cloud technologies, but I make certain that I have 3 copies of my data: one I keep up-to-date, one I keep locked in my safe, and one I keep in the cloud for any eventuality. You may never need it, but with "cloud" storage for long-term stuff like back ups running at less than $0.03 per GB, you'd be a fool not to consider it to keep your important data safe.
Encrypt, encrypt, encrypt, encrypt, encrypt, encrypt, encrypt, encrypt, encrypt, encrypt,...
I favor PGP/GPG with 4096-bit keys.