It could be a good solution but for me the overhead is too high and it lacks many of the benefits of having the data in the cloud. + what happens when there is a disaster, the insurance doesn't cover lost memories.

Specifically about Google, I agree that Google+ Photos (or however this is called) is a strange beast. But it shares storage with Google Drive and in fact Google Drive photos are accessible from Photos. So I use only Google Drive folders for backup. I also believe that in case Google (or any other company of that scale) chooses to shut down a major service it will give a fair notice (don't forget it has business users as well). As for Apple, Amazon, Dropbox, Box, MS... it seems like a core product.