For a noob like me, I am thinking to get a Yubikey. What will happen if I lose my Yubikey? Am I essentially out of luck assuming the admins can’t reset my password or associated yubikey device? How do I prevent such scenario from happening? Is there truly a fool proof way of hardware authentication?
Usually people buy a second Yubikey, enrol both and have the second one somewhere safe. Most services and web sites also give you emergency login codes to print out, though.
But I would suggest SoloKeys instead.
I use these to log into my Linux systems, in combination with a password. pam_u2f was pretty easy to setup.