I recommend that you always have at least two hosting accounts even if you just need one, as if one goes down (either temporarily or for a long period) you can just switch your name servers over to your "backup" host and your website won't experience as much downtime.
I'm currently with 2 host right now, really want to keep them both for some weird reason. Maybe just because out of laziness of figuring out how to move and moving the sites around. I always thought it was just a waste of money every month for me to keep two, I guess you just gave me my reason to be lazy ^_^.
Well I'd use the other host for a simple static HTML site then. That way you're using it somehow.
That's sort of what I do with my backup hosts. I just use them to host really basic sites that aren't getting much traffic and use my main hosting for my main site.
It is a nice idea to have two hosts, but i am not sure if i have to spend my money on something which is like a possibility. I am at present running only with one host and i am feeling lot comfortable.
A good alternative is to host you're own site. I currently host all my own sites. All you have to be sure to do it get a business class connection which generally just as cheap as a hosting service. The main reason it's nice to host you're site is you don't have to worry about the limitations of you're hosting services.
It's really simple to do. I run my site with Apache web server on windows NT built into an XP like OS.
Even if you don't want to host you're own site it's always a good idea to set you're computer up as a test environment. I have seen to many sites loose profits due to up-grade problems of their scripts which you can learn to avoid inside you're test environment.