The hardware wallet does not store Bitcoin. Bitcoin is stored on the blockchain and is of course decentralized, and all nodes participating on the Bitcoin network agree, trust, and enforce the protocol.
The hardware wallet stores your public key which is used to sign your transactions. When you first setup your hardware wallet, you can generate a recovery seed. This seed is what you’ll want to safeguard. If you have a fire that destroys your hardware wallet, you can always get a compatible replacement hardware wallet and use that recovery seed to restore your wallet to it. Keep your seed separate from your wallet, and potentially store redundant backups of that seed in separate trusted geographical locations to optimize security.