I've never had a problem with more than one drive fail in a RAID 1 array, especially with today's drives and S.M.A.R.T. keeping an eye on things. I would be much more worried with RAID 0 as you are then twice as likely to have a failure and destroy all of your data. A RAID 0 with an external drive is pretty much a RAID 1, only more delayed and prone to failure due to operator error. RAID 10 or 6 is nice in a work environment, but kind of a waste in a home environment. Also, backups are great, but not really needed for deleted files if you're using Windows. Shadow copy is pretty standard now.
As far as cost, the difference between 1TB and 2TB drive is about $35. You're going to spend more than that with two 1TB drives and an external 2TB drive for your backup.










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