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If you are really concerned, there's a nifty device called a washing machine overflow tub.

That will look real nice in the master bathroom too.

Aside from washer overflow, there's also the possibility of a hose failing. I know people who have upstairs laundry who turn off their washer inlets whenever it is not in use due to concern about this happening. Once you know someone who has had a flood it's hard to ignore the potential for lots of damage.
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