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stonebro: Getting a Raid-0 network storage unit is still the best option for private backups. I have one with 2x1TB disks in it. Should one disk fail, the probability of the second failing before you can reasonably replace the first is slim.
Having any kind of critical backups on a single drive, even if it is dedicated, is still as risky as having them on your primary drive. You need redundancy no matter what if you want to feel on the safe side.

RAID 0?
2 disks of 1TB each in RAID 0 (striping) gives you a virtual disk of 2 TB, with the added fun that should 1 of the disks fail, all data is lost. It's not really a true RAID as the redundancy is completely lost.
Using the same disks in RAID 1 (mirroring), on the other hand, gives you 1 TB of usable storage because the data is mirrored to the other drive. Thus giving you failure safety.